id	sid	tid	token	lemma	pos
absel-734	1	1	monte	monte	PROPN
absel-734	1	2	carlo	carlo	PROPN
absel-734	1	3	simulation	simulation	PROPN
absel-734	1	4	analysis	analysis	NOUN
absel-734	1	5	on	on	ADP
absel-734	1	6	the	the	DET
absel-734	1	7	costs	cost	NOUN
absel-734	1	8	reduction	reduction	NOUN
absel-734	1	9	argument	argument	NOUN
absel-734	1	10	of	of	ADP
absel-734	1	11	interest	interest	NOUN
absel-734	1	12	rate	rate	NOUN
absel-734	1	13	swaps	swap	NOUN
absel-734	1	14	developments	development	NOUN
absel-734	1	15	in	in	ADP
absel-734	1	16	business	business	NOUN
absel-734	1	17	simulation	simulation	NOUN
absel-734	1	18	and	and	CCONJ
absel-734	1	19	experiential	experiential	ADJ
absel-734	1	20	learning	learning	NOUN
absel-734	1	21	,	,	PUNCT
absel-734	1	22	volume	volume	NOUN
absel-734	1	23	30	30	NUM
absel-734	1	24	,	,	PUNCT
absel-734	1	25	2003	2003	NUM
absel-734	1	26	monte	monte	PROPN
absel-734	1	27	carlo	carlo	PROPN
absel-734	1	28	simulation	simulation	PROPN
absel-734	1	29	analysis	analysis	NOUN
absel-734	1	30	on	on	ADP
absel-734	1	31	the	the	DET
absel-734	1	32	costs	cost	NOUN
absel-734	1	33	reduction	reduction	NOUN
absel-734	1	34	argument	argument	NOUN
absel-734	1	35	of	of	ADP
absel-734	1	36	interest	interest	NOUN
absel-734	1	37	rate	rate	NOUN
absel-734	1	38	swaps	swap	NOUN
absel-734	1	39	bosco	bosco	PROPN
absel-734	1	40	yu	yu	PROPN
absel-734	1	41	the	the	DET
absel-734	1	42	hong	hong	PROPN
absel-734	1	43	kong	kong	PROPN
absel-734	1	44	polytechnic	polytechnic	PROPN
absel-734	1	45	university	university	PROPN
absel-734	1	46	bubosco@polyu.edu.hk	bubosco@polyu.edu.hk	ADJ
absel-734	1	47	abstract	abstract	NOUN
absel-734	1	48	this	this	DET
absel-734	1	49	paper	paper	NOUN
absel-734	1	50	develops	develop	VERB
absel-734	1	51	a	a	DET
absel-734	1	52	monte	monte	PROPN
absel-734	1	53	carlo	carlo	PROPN
absel-734	1	54	simulation	simulation	PROPN
absel-734	1	55	model	model	NOUN
absel-734	1	56	based	base	VERB
absel-734	1	57	on	on	ADP
absel-734	1	58	contingent	contingent	ADJ
absel-734	1	59	claims	claim	NOUN
absel-734	1	60	theory	theory	NOUN
absel-734	1	61	to	to	PART
absel-734	1	62	evaluate	evaluate	VERB
absel-734	1	63	the	the	DET
absel-734	1	64	coupon	coupon	NOUN
absel-734	1	65	interest	interest	NOUN
absel-734	1	66	that	that	PRON
absel-734	1	67	should	should	AUX
absel-734	1	68	be	be	AUX
absel-734	1	69	paid	pay	VERB
absel-734	1	70	by	by	ADP
absel-734	1	71	the	the	DET
absel-734	1	72	fixed	fix	VERB
absel-734	1	73	and	and	CCONJ
absel-734	1	74	floating	float	VERB
absel-734	1	75	rate	rate	NOUN
absel-734	1	76	default	default	NOUN
absel-734	1	77	risky	risky	ADJ
absel-734	1	78	corporate	corporate	ADJ
absel-734	1	79	debts	debt	NOUN
absel-734	1	80	.	.	PUNCT
absel-734	2	1	the	the	DET
absel-734	2	2	model	model	NOUN
absel-734	2	3	improves	improve	VERB
absel-734	2	4	the	the	DET
absel-734	2	5	blackscholes	blackschole	NOUN
absel-734	2	6	-	-	PUNCT
absel-734	2	7	merton	merton	NOUN
absel-734	2	8	analysis	analysis	NOUN
absel-734	2	9	on	on	ADP
absel-734	2	10	firm	firm	NOUN
absel-734	2	11	’s	’s	PART
absel-734	2	12	liabilities	liability	NOUN
absel-734	2	13	by	by	ADP
absel-734	2	14	analysing	analyse	VERB
absel-734	2	15	the	the	DET
absel-734	2	16	coupon	coupon	NOUN
absel-734	2	17	paying	pay	VERB
absel-734	2	18	debts	debt	NOUN
absel-734	2	19	in	in	ADP
absel-734	2	20	a	a	DET
absel-734	2	21	variable	variable	ADJ
absel-734	2	22	default	default	NOUN
absel-734	2	23	-	-	PUNCT
absel-734	2	24	free	free	ADJ
absel-734	2	25	interest	interest	NOUN
absel-734	2	26	rate	rate	NOUN
absel-734	2	27	environment	environment	NOUN
absel-734	2	28	.	.	PUNCT
absel-734	3	1	the	the	DET
absel-734	3	2	simulation	simulation	NOUN
absel-734	3	3	results	result	NOUN
absel-734	3	4	show	show	VERB
absel-734	3	5	that	that	SCONJ
absel-734	3	6	there	there	PRON
absel-734	3	7	exist	exist	VERB
absel-734	3	8	comparative	comparative	ADJ
absel-734	3	9	advantage	advantage	NOUN
absel-734	3	10	between	between	ADP
absel-734	3	11	firms	firm	NOUN
absel-734	3	12	in	in	ADP
absel-734	3	13	the	the	DET
absel-734	3	14	fixed	fix	VERB
absel-734	3	15	and	and	CCONJ
absel-734	3	16	floating	float	VERB
absel-734	3	17	rate	rate	NOUN
absel-734	3	18	debt	debt	NOUN
absel-734	3	19	markets	market	NOUN
absel-734	3	20	,	,	PUNCT
absel-734	3	21	which	which	PRON
absel-734	3	22	comes	come	VERB
absel-734	3	23	from	from	ADP
absel-734	3	24	the	the	DET
absel-734	3	25	firms	firm	NOUN
absel-734	3	26	’	’	PART
absel-734	3	27	balance	balance	NOUN
absel-734	3	28	sheet	sheet	NOUN
absel-734	3	29	structure	structure	NOUN
absel-734	3	30	and	and	CCONJ
absel-734	3	31	the	the	DET
absel-734	3	32	nature	nature	NOUN
absel-734	3	33	of	of	ADP
absel-734	3	34	business	business	NOUN
absel-734	3	35	.	.	PUNCT
absel-734	4	1	as	as	SCONJ
absel-734	4	2	such	such	ADJ
absel-734	4	3	,	,	PUNCT
absel-734	4	4	interest	interest	NOUN
absel-734	4	5	rate	rate	NOUN
absel-734	4	6	swaps	swap	NOUN
absel-734	4	7	can	can	AUX
absel-734	4	8	benefit	benefit	VERB
absel-734	4	9	both	both	DET
absel-734	4	10	participating	participate	VERB
absel-734	4	11	firms	firm	NOUN
absel-734	4	12	for	for	ADP
absel-734	4	13	reasons	reason	NOUN
absel-734	4	14	other	other	ADJ
absel-734	4	15	than	than	ADP
absel-734	4	16	market	market	NOUN
absel-734	4	17	inefficiencies	inefficiency	NOUN
absel-734	4	18	.	.	PUNCT
absel-734	5	1	interest	interest	NOUN
absel-734	5	2	rate	rate	NOUN
absel-734	5	3	swaps	swap	NOUN
absel-734	5	4	have	have	AUX
absel-734	5	5	evolved	evolve	VERB
absel-734	5	6	as	as	ADP
absel-734	5	7	one	one	NUM
absel-734	5	8	of	of	ADP
absel-734	5	9	the	the	DET
absel-734	5	10	most	most	ADV
absel-734	5	11	successful	successful	ADJ
absel-734	5	12	financial	financial	ADJ
absel-734	5	13	innovations	innovation	NOUN
absel-734	5	14	in	in	ADP
absel-734	5	15	the	the	DET
absel-734	5	16	last	last	ADJ
absel-734	5	17	two	two	NUM
absel-734	5	18	decades	decade	NOUN
absel-734	5	19	.	.	PUNCT
absel-734	6	1	this	this	DET
absel-734	6	2	remarkable	remarkable	ADJ
absel-734	6	3	development	development	NOUN
absel-734	6	4	of	of	ADP
absel-734	6	5	interest	interest	NOUN
absel-734	6	6	rate	rate	NOUN
absel-734	6	7	swaps	swap	NOUN
absel-734	6	8	has	have	AUX
absel-734	6	9	induced	induce	VERB
absel-734	6	10	great	great	ADJ
absel-734	6	11	interest	interest	NOUN
absel-734	6	12	of	of	ADP
absel-734	6	13	finance	finance	NOUN
absel-734	6	14	researchers	researcher	NOUN
absel-734	6	15	to	to	PART
absel-734	6	16	investigate	investigate	VERB
absel-734	6	17	the	the	DET
absel-734	6	18	reasons	reason	NOUN
absel-734	6	19	why	why	SCONJ
absel-734	6	20	interest	interest	NOUN
absel-734	6	21	rate	rate	NOUN
absel-734	6	22	swaps	swap	NOUN
absel-734	6	23	evolved	evolve	VERB
absel-734	6	24	as	as	ADP
absel-734	6	25	such	such	DET
absel-734	6	26	a	a	DET
absel-734	6	27	successful	successful	ADJ
absel-734	6	28	financial	financial	ADJ
absel-734	6	29	innovation	innovation	NOUN
absel-734	6	30	.	.	PUNCT
absel-734	7	1	one	one	NUM
absel-734	7	2	of	of	ADP
absel-734	7	3	the	the	DET
absel-734	7	4	most	most	ADV
absel-734	7	5	debatable	debatable	ADJ
absel-734	7	6	and	and	CCONJ
absel-734	7	7	not	not	PART
absel-734	7	8	yet	yet	ADV
absel-734	7	9	resolved	resolve	VERB
absel-734	7	10	arguments	argument	NOUN
absel-734	7	11	for	for	ADP
absel-734	7	12	the	the	DET
absel-734	7	13	development	development	NOUN
absel-734	7	14	of	of	ADP
absel-734	7	15	interest	interest	NOUN
absel-734	7	16	rate	rate	NOUN
absel-734	7	17	swaps	swap	NOUN
absel-734	7	18	is	be	AUX
absel-734	7	19	that	that	SCONJ
absel-734	7	20	interest	interest	NOUN
absel-734	7	21	rate	rate	NOUN
absel-734	7	22	swaps	swap	NOUN
absel-734	7	23	can	can	AUX
absel-734	7	24	reduce	reduce	VERB
absel-734	7	25	the	the	DET
absel-734	7	26	borrowing	borrowing	NOUN
absel-734	7	27	costs	cost	NOUN
absel-734	7	28	of	of	ADP
absel-734	7	29	the	the	DET
absel-734	7	30	swap	swap	NOUN
absel-734	7	31	participating	participate	VERB
absel-734	7	32	firms	firm	NOUN
absel-734	7	33	.	.	PUNCT
absel-734	8	1	market	market	NOUN
absel-734	8	2	participants	participant	NOUN
absel-734	8	3	advocate	advocate	VERB
absel-734	8	4	that	that	SCONJ
absel-734	8	5	firms	firm	NOUN
absel-734	8	6	with	with	ADP
absel-734	8	7	different	different	ADJ
absel-734	8	8	level	level	NOUN
absel-734	8	9	of	of	ADP
absel-734	8	10	default	default	NOUN
absel-734	8	11	risk	risk	NOUN
absel-734	8	12	have	have	VERB
absel-734	8	13	a	a	DET
absel-734	8	14	comparative	comparative	ADJ
absel-734	8	15	advantage	advantage	NOUN
absel-734	8	16	when	when	SCONJ
absel-734	8	17	borrowing	borrow	VERB
absel-734	8	18	in	in	ADP
absel-734	8	19	different	different	ADJ
absel-734	8	20	credit	credit	NOUN
absel-734	8	21	markets	market	NOUN
absel-734	8	22	.	.	PUNCT
absel-734	9	1	loeys	loey	NOUN
absel-734	9	2	(	(	PUNCT
absel-734	9	3	1985	1985	NUM
absel-734	9	4	)	)	PUNCT
absel-734	9	5	and	and	CCONJ
absel-734	9	6	bicksler	bicksler	NOUN
absel-734	9	7	and	and	CCONJ
absel-734	9	8	chen	chen	PROPN
absel-734	9	9	(	(	PUNCT
absel-734	9	10	1986	1986	NUM
absel-734	9	11	)	)	PUNCT
absel-734	9	12	were	be	AUX
absel-734	9	13	amongst	amongst	ADP
absel-734	9	14	the	the	DET
absel-734	9	15	first	first	ADJ
absel-734	9	16	to	to	PART
absel-734	9	17	point	point	VERB
absel-734	9	18	out	out	ADP
absel-734	9	19	the	the	DET
absel-734	9	20	existence	existence	NOUN
absel-734	9	21	of	of	ADP
absel-734	9	22	quality	quality	NOUN
absel-734	9	23	spread	spread	NOUN
absel-734	9	24	differentials	differential	NOUN
absel-734	9	25	between	between	ADP
absel-734	9	26	two	two	NUM
absel-734	9	27	firms	firm	NOUN
absel-734	9	28	in	in	ADP
absel-734	9	29	the	the	DET
absel-734	9	30	fixed	fix	VERB
absel-734	9	31	rate	rate	NOUN
absel-734	9	32	and	and	CCONJ
absel-734	9	33	the	the	DET
absel-734	9	34	floating	float	VERB
absel-734	9	35	rate	rate	NOUN
absel-734	9	36	markets	market	NOUN
absel-734	9	37	respectively	respectively	ADV
absel-734	9	38	.	.	PUNCT
absel-734	10	1	when	when	SCONJ
absel-734	10	2	there	there	PRON
absel-734	10	3	exists	exist	VERB
absel-734	10	4	a	a	DET
absel-734	10	5	quality	quality	NOUN
absel-734	10	6	spread	spread	NOUN
absel-734	10	7	differential	differential	NOUN
absel-734	10	8	between	between	ADP
absel-734	10	9	two	two	NUM
absel-734	10	10	firms	firm	NOUN
absel-734	10	11	,	,	PUNCT
absel-734	10	12	it	it	PRON
absel-734	10	13	implies	imply	VERB
absel-734	10	14	that	that	SCONJ
absel-734	10	15	one	one	NUM
absel-734	10	16	firm	firm	NOUN
absel-734	10	17	has	have	VERB
absel-734	10	18	a	a	DET
absel-734	10	19	comparative	comparative	ADJ
absel-734	10	20	advantage	advantage	NOUN
absel-734	10	21	in	in	ADP
absel-734	10	22	borrowing	borrow	VERB
absel-734	10	23	fixed	fix	VERB
absel-734	10	24	rate	rate	NOUN
absel-734	10	25	while	while	SCONJ
absel-734	10	26	the	the	DET
absel-734	10	27	other	other	ADJ
absel-734	10	28	has	have	VERB
absel-734	10	29	a	a	DET
absel-734	10	30	comparative	comparative	ADJ
absel-734	10	31	advantage	advantage	NOUN
absel-734	10	32	in	in	ADP
absel-734	10	33	borrowing	borrow	VERB
absel-734	10	34	floating	float	VERB
absel-734	10	35	rate	rate	NOUN
absel-734	10	36	.	.	PUNCT
absel-734	11	1	two	two	NUM
absel-734	11	2	firms	firm	NOUN
absel-734	11	3	can	can	AUX
absel-734	11	4	reduce	reduce	VERB
absel-734	11	5	their	their	PRON
absel-734	11	6	borrowing	borrowing	NOUN
absel-734	11	7	costs	cost	NOUN
absel-734	11	8	by	by	ADP
absel-734	11	9	borrowing	borrow	VERB
absel-734	11	10	in	in	ADP
absel-734	11	11	the	the	DET
absel-734	11	12	market	market	NOUN
absel-734	11	13	in	in	ADP
absel-734	11	14	which	which	PRON
absel-734	11	15	they	they	PRON
absel-734	11	16	have	have	VERB
absel-734	11	17	the	the	DET
absel-734	11	18	comparative	comparative	ADJ
absel-734	11	19	advantage	advantage	NOUN
absel-734	11	20	and	and	CCONJ
absel-734	11	21	then	then	ADV
absel-734	11	22	swap	swap	VERB
absel-734	11	23	.	.	PUNCT
absel-734	12	1	the	the	DET
absel-734	12	2	short	short	ADJ
absel-734	12	3	-	-	PUNCT
absel-734	12	4	term	term	NOUN
absel-734	12	5	floating	float	VERB
absel-734	12	6	rate	rate	NOUN
absel-734	12	7	debt	debt	NOUN
absel-734	12	8	is	be	AUX
absel-734	12	9	obtained	obtain	VERB
absel-734	12	10	by	by	ADP
absel-734	12	11	renewing	renew	VERB
absel-734	12	12	the	the	DET
absel-734	12	13	short	short	ADJ
absel-734	12	14	-	-	PUNCT
absel-734	12	15	term	term	NOUN
absel-734	12	16	borrowings	borrowing	NOUN
absel-734	12	17	.	.	PUNCT
absel-734	13	1	however	however	ADV
absel-734	13	2	,	,	PUNCT
absel-734	13	3	this	this	DET
absel-734	13	4	line	line	NOUN
absel-734	13	5	of	of	ADP
absel-734	13	6	argument	argument	NOUN
absel-734	13	7	has	have	VERB
absel-734	13	8	a	a	DET
absel-734	13	9	problem	problem	NOUN
absel-734	13	10	in	in	ADP
absel-734	13	11	that	that	SCONJ
absel-734	13	12	the	the	DET
absel-734	13	13	cost	cost	NOUN
absel-734	13	14	savings	saving	NOUN
absel-734	13	15	by	by	ADP
absel-734	13	16	the	the	DET
absel-734	13	17	fixed	fix	VERB
absel-734	13	18	-	-	PUNCT
absel-734	13	19	rate	rate	NOUN
absel-734	13	20	payer	payer	NOUN
absel-734	13	21	in	in	ADP
absel-734	13	22	the	the	DET
absel-734	13	23	swap	swap	NOUN
absel-734	13	24	is	be	AUX
absel-734	13	25	obtained	obtain	VERB
absel-734	13	26	at	at	ADP
absel-734	13	27	the	the	DET
absel-734	13	28	risk	risk	NOUN
absel-734	13	29	of	of	ADP
absel-734	13	30	not	not	PART
absel-734	13	31	able	able	ADJ
absel-734	13	32	to	to	PART
absel-734	13	33	renew	renew	VERB
absel-734	13	34	the	the	DET
absel-734	13	35	short	short	ADJ
absel-734	13	36	-	-	PUNCT
absel-734	13	37	term	term	NOUN
absel-734	13	38	borrowings	borrowing	NOUN
absel-734	13	39	.	.	PUNCT
absel-734	14	1	recently	recently	ADV
absel-734	14	2	,	,	PUNCT
absel-734	14	3	ungar	ungar	NOUN
absel-734	14	4	(	(	PUNCT
absel-734	14	5	1996	1996	NUM
absel-734	14	6	)	)	PUNCT
absel-734	14	7	showed	show	VERB
absel-734	14	8	that	that	SCONJ
absel-734	14	9	a	a	DET
absel-734	14	10	quality	quality	NOUN
absel-734	14	11	spread	spread	NOUN
absel-734	14	12	differential	differential	NOUN
absel-734	14	13	could	could	AUX
absel-734	14	14	also	also	ADV
absel-734	14	15	exist	exist	VERB
absel-734	14	16	between	between	ADP
absel-734	14	17	a	a	DET
absel-734	14	18	fixed	fix	VERB
absel-734	14	19	rate	rate	NOUN
absel-734	14	20	coupon	coupon	NOUN
absel-734	14	21	bond	bond	NOUN
absel-734	14	22	and	and	CCONJ
absel-734	14	23	a	a	DET
absel-734	14	24	floating	float	VERB
absel-734	14	25	rate	rate	NOUN
absel-734	14	26	note	note	NOUN
absel-734	14	27	.	.	PUNCT
absel-734	15	1	therefore	therefore	ADV
absel-734	15	2	,	,	PUNCT
absel-734	15	3	the	the	DET
absel-734	15	4	study	study	NOUN
absel-734	15	5	of	of	ADP
absel-734	15	6	how	how	SCONJ
absel-734	15	7	interest	interest	NOUN
absel-734	15	8	rate	rate	NOUN
absel-734	15	9	swaps	swap	NOUN
absel-734	15	10	help	help	VERB
absel-734	15	11	to	to	PART
absel-734	15	12	reduce	reduce	VERB
absel-734	15	13	firms	firm	NOUN
absel-734	15	14	’	’	PART
absel-734	15	15	borrowing	borrowing	NOUN
absel-734	15	16	costs	cost	NOUN
absel-734	15	17	should	should	AUX
absel-734	15	18	also	also	ADV
absel-734	15	19	be	be	AUX
absel-734	15	20	extended	extend	VERB
absel-734	15	21	to	to	ADP
absel-734	15	22	the	the	DET
absel-734	15	23	fixed	fix	VERB
absel-734	15	24	rate	rate	NOUN
absel-734	15	25	and	and	CCONJ
absel-734	15	26	floating	float	VERB
absel-734	15	27	rate	rate	NOUN
absel-734	15	28	coupon	coupon	NOUN
absel-734	15	29	paying	pay	VERB
absel-734	15	30	debt	debt	NOUN
absel-734	15	31	markets	market	NOUN
absel-734	15	32	.	.	PUNCT
absel-734	16	1	the	the	DET
absel-734	16	2	difference	difference	NOUN
absel-734	16	3	in	in	ADP
absel-734	16	4	the	the	DET
absel-734	16	5	borrowing	borrowing	NOUN
absel-734	16	6	costs	cost	NOUN
absel-734	16	7	between	between	ADP
absel-734	16	8	two	two	NUM
absel-734	16	9	default	default	NOUN
absel-734	16	10	risky	risky	ADJ
absel-734	16	11	firms	firm	NOUN
absel-734	16	12	may	may	AUX
absel-734	16	13	be	be	AUX
absel-734	16	14	reflected	reflect	VERB
absel-734	16	15	in	in	ADP
absel-734	16	16	the	the	DET
absel-734	16	17	difference	difference	NOUN
absel-734	16	18	in	in	ADP
absel-734	16	19	the	the	DET
absel-734	16	20	coupon	coupon	NOUN
absel-734	16	21	payments	payment	NOUN
absel-734	16	22	of	of	ADP
absel-734	16	23	the	the	DET
absel-734	16	24	debts	debt	NOUN
absel-734	16	25	issued	issue	VERB
absel-734	16	26	by	by	ADP
absel-734	16	27	the	the	DET
absel-734	16	28	firms	firm	NOUN
absel-734	16	29	.	.	PUNCT
absel-734	17	1	such	such	ADJ
absel-734	17	2	difference	difference	NOUN
absel-734	17	3	should	should	AUX
absel-734	17	4	be	be	AUX
absel-734	17	5	mainly	mainly	ADV
absel-734	17	6	derived	derive	VERB
absel-734	17	7	from	from	ADP
absel-734	17	8	the	the	DET
absel-734	17	9	difference	difference	NOUN
absel-734	17	10	in	in	ADP
absel-734	17	11	credit	credit	NOUN
absel-734	17	12	risk	risk	NOUN
absel-734	17	13	between	between	ADP
absel-734	17	14	the	the	DET
absel-734	17	15	firms	firm	NOUN
absel-734	17	16	.	.	PUNCT
absel-734	18	1	finance	finance	NOUN
absel-734	18	2	researchers	researcher	NOUN
absel-734	18	3	tend	tend	VERB
absel-734	18	4	to	to	PART
absel-734	18	5	argue	argue	VERB
absel-734	18	6	that	that	SCONJ
absel-734	18	7	the	the	DET
absel-734	18	8	reduction	reduction	NOUN
absel-734	18	9	in	in	ADP
absel-734	18	10	borrowing	borrowing	NOUN
absel-734	18	11	costs	cost	NOUN
absel-734	18	12	achieved	achieve	VERB
absel-734	18	13	by	by	ADP
absel-734	18	14	using	use	VERB
absel-734	18	15	interest	interest	NOUN
absel-734	18	16	rate	rate	NOUN
absel-734	18	17	swaps	swap	NOUN
absel-734	18	18	derives	derive	VERB
absel-734	18	19	mainly	mainly	ADV
absel-734	18	20	from	from	ADP
absel-734	18	21	the	the	DET
absel-734	18	22	arbitrage	arbitrage	NOUN
absel-734	18	23	of	of	ADP
absel-734	18	24	market	market	NOUN
absel-734	18	25	imperfections	imperfection	NOUN
absel-734	18	26	or	or	CCONJ
absel-734	18	27	inefficiencies	inefficiency	NOUN
absel-734	18	28	.	.	PUNCT
absel-734	19	1	wall	wall	PROPN
absel-734	19	2	and	and	CCONJ
absel-734	19	3	pringle	pringle	PROPN
absel-734	19	4	(	(	PUNCT
absel-734	19	5	1988	1988	NUM
absel-734	19	6	)	)	PUNCT
absel-734	19	7	is	be	AUX
absel-734	19	8	a	a	DET
absel-734	19	9	good	good	ADJ
absel-734	19	10	survey	survey	NOUN
absel-734	19	11	of	of	ADP
absel-734	19	12	the	the	DET
absel-734	19	13	different	different	ADJ
absel-734	19	14	arguments	argument	NOUN
absel-734	19	15	for	for	ADP
absel-734	19	16	the	the	DET
absel-734	19	17	development	development	NOUN
absel-734	19	18	of	of	ADP
absel-734	19	19	interest	interest	NOUN
absel-734	19	20	rate	rate	NOUN
absel-734	19	21	swaps	swap	NOUN
absel-734	19	22	.	.	PUNCT
absel-734	20	1	subsequent	subsequent	ADJ
absel-734	20	2	researchers	researcher	NOUN
absel-734	20	3	such	such	ADJ
absel-734	20	4	as	as	ADP
absel-734	20	5	wall	wall	NOUN
absel-734	20	6	(	(	PUNCT
absel-734	20	7	1989	1989	NUM
absel-734	20	8	)	)	PUNCT
absel-734	20	9	,	,	PUNCT
absel-734	20	10	litzenberger	litzenberger	NOUN
absel-734	20	11	(	(	PUNCT
absel-734	20	12	1992	1992	NUM
absel-734	20	13	)	)	PUNCT
absel-734	20	14	,	,	PUNCT
absel-734	20	15	titman	titman	NOUN
absel-734	20	16	(	(	PUNCT
absel-734	20	17	1992	1992	NUM
absel-734	20	18	)	)	PUNCT
absel-734	20	19	and	and	CCONJ
absel-734	20	20	hull	hull	NOUN
absel-734	20	21	(	(	PUNCT
absel-734	20	22	2000	2000	NUM
absel-734	20	23	)	)	PUNCT
absel-734	20	24	suggested	suggest	VERB
absel-734	20	25	various	various	ADJ
absel-734	20	26	market	market	NOUN
absel-734	20	27	inefficiencies	inefficiency	NOUN
absel-734	20	28	to	to	PART
absel-734	20	29	explain	explain	VERB
absel-734	20	30	the	the	DET
absel-734	20	31	existence	existence	NOUN
absel-734	20	32	of	of	ADP
absel-734	20	33	the	the	DET
absel-734	20	34	quality	quality	NOUN
absel-734	20	35	spread	spread	NOUN
absel-734	20	36	differential	differential	NOUN
absel-734	20	37	.	.	PUNCT
absel-734	21	1	the	the	DET
absel-734	21	2	conjecture	conjecture	NOUN
absel-734	21	3	is	be	AUX
absel-734	21	4	:	:	PUNCT
absel-734	21	5	as	as	SCONJ
absel-734	21	6	the	the	DET
absel-734	21	7	market	market	NOUN
absel-734	21	8	becomes	become	VERB
absel-734	21	9	more	more	ADV
absel-734	21	10	perfect	perfect	ADJ
absel-734	21	11	or	or	CCONJ
absel-734	21	12	efficient	efficient	ADJ
absel-734	21	13	,	,	PUNCT
absel-734	21	14	interest	interest	NOUN
absel-734	21	15	rate	rate	NOUN
absel-734	21	16	swap	swap	NOUN
absel-734	21	17	activities	activity	NOUN
absel-734	21	18	should	should	AUX
absel-734	21	19	decline	decline	VERB
absel-734	21	20	.	.	PUNCT
absel-734	22	1	this	this	DET
absel-734	22	2	conjecture	conjecture	NOUN
absel-734	22	3	notwithstanding	notwithstanding	ADP
absel-734	22	4	,	,	PUNCT
absel-734	22	5	the	the	DET
absel-734	22	6	rate	rate	NOUN
absel-734	22	7	of	of	ADP
absel-734	22	8	growth	growth	NOUN
absel-734	22	9	of	of	ADP
absel-734	22	10	the	the	DET
absel-734	22	11	interest	interest	NOUN
absel-734	22	12	rate	rate	NOUN
absel-734	22	13	swap	swap	NOUN
absel-734	22	14	market	market	NOUN
absel-734	22	15	is	be	AUX
absel-734	22	16	still	still	ADV
absel-734	22	17	increasing	increase	VERB
absel-734	22	18	.	.	PUNCT
absel-734	23	1	the	the	DET
absel-734	23	2	arbitrage	arbitrage	NOUN
absel-734	23	3	arguments	argument	NOUN
absel-734	23	4	dominate	dominate	VERB
absel-734	23	5	the	the	DET
absel-734	23	6	literature	literature	NOUN
absel-734	23	7	on	on	ADP
absel-734	23	8	the	the	DET
absel-734	23	9	development	development	NOUN
absel-734	23	10	of	of	ADP
absel-734	23	11	interest	interest	NOUN
absel-734	23	12	rate	rate	NOUN
absel-734	23	13	swaps	swap	NOUN
absel-734	23	14	;	;	PUNCT
absel-734	23	15	however	however	ADV
absel-734	23	16	,	,	PUNCT
absel-734	23	17	they	they	PRON
absel-734	23	18	can	can	AUX
absel-734	23	19	not	not	PART
absel-734	23	20	explain	explain	VERB
absel-734	23	21	satisfactorily	satisfactorily	ADV
absel-734	23	22	this	this	DET
absel-734	23	23	development	development	NOUN
absel-734	23	24	given	give	VERB
absel-734	23	25	that	that	DET
absel-734	23	26	arbitrage	arbitrage	NOUN
absel-734	23	27	can	can	AUX
absel-734	23	28	not	not	PART
absel-734	23	29	last	last	VERB
absel-734	23	30	long	long	ADV
absel-734	23	31	when	when	SCONJ
absel-734	23	32	the	the	DET
absel-734	23	33	securities	security	NOUN
absel-734	23	34	market	market	NOUN
absel-734	23	35	becomes	become	VERB
absel-734	23	36	more	more	ADV
absel-734	23	37	efficient	efficient	ADJ
absel-734	23	38	.	.	PUNCT
absel-734	24	1	this	this	DET
absel-734	24	2	paper	paper	NOUN
absel-734	24	3	employs	employ	VERB
absel-734	24	4	the	the	DET
absel-734	24	5	modified	modify	VERB
absel-734	24	6	black	black	ADJ
absel-734	24	7	-	-	PUNCT
absel-734	24	8	scholes	schole	NOUN
absel-734	24	9	-	-	PUNCT
absel-734	24	10	merton	merton	NOUN
absel-734	24	11	opting	opt	VERB
absel-734	24	12	pricing	pricing	NOUN
absel-734	24	13	models	model	NOUN
absel-734	24	14	in	in	ADP
absel-734	24	15	the	the	DET
absel-734	24	16	valuation	valuation	NOUN
absel-734	24	17	of	of	ADP
absel-734	24	18	firms	firm	NOUN
absel-734	24	19	’	’	PART
absel-734	24	20	debts	debt	NOUN
absel-734	24	21	to	to	PART
absel-734	24	22	investigate	investigate	VERB
absel-734	24	23	the	the	DET
absel-734	24	24	quality	quality	NOUN
absel-734	24	25	spread	spread	VERB
absel-734	24	26	differential	differential	ADJ
absel-734	24	27	issue	issue	NOUN
absel-734	24	28	.	.	PUNCT
absel-734	25	1	the	the	DET
absel-734	25	2	black	black	ADJ
absel-734	25	3	-	-	PUNCT
absel-734	25	4	scholes	schole	NOUN
absel-734	25	5	-	-	PUNCT
absel-734	25	6	merton	merton	NOUN
absel-734	25	7	option	option	NOUN
absel-734	25	8	pricing	pricing	NOUN
absel-734	25	9	models	model	NOUN
absel-734	25	10	have	have	AUX
absel-734	25	11	been	be	AUX
absel-734	25	12	well	well	ADV
absel-734	25	13	applied	apply	VERB
absel-734	25	14	to	to	PART
absel-734	25	15	value	value	VERB
absel-734	25	16	corporate	corporate	ADJ
absel-734	25	17	debts	debt	NOUN
absel-734	25	18	in	in	ADP
absel-734	25	19	order	order	NOUN
absel-734	25	20	to	to	PART
absel-734	25	21	understand	understand	VERB
absel-734	25	22	the	the	DET
absel-734	25	23	effects	effect	NOUN
absel-734	25	24	of	of	ADP
absel-734	25	25	credit	credit	NOUN
absel-734	25	26	variables	variable	NOUN
absel-734	25	27	on	on	ADP
absel-734	25	28	the	the	DET
absel-734	25	29	spread	spread	NOUN
absel-734	25	30	.	.	PUNCT
absel-734	26	1	merton	merton	PROPN
absel-734	26	2	(	(	PUNCT
absel-734	26	3	1974	1974	NUM
absel-734	26	4	)	)	PUNCT
absel-734	26	5	first	first	ADV
absel-734	26	6	adapted	adapt	VERB
absel-734	26	7	the	the	DET
absel-734	26	8	black	black	ADJ
absel-734	26	9	-	-	PUNCT
absel-734	26	10	scholes	schole	NOUN
absel-734	26	11	option	option	NOUN
absel-734	26	12	pricing	pricing	NOUN
absel-734	26	13	model	model	NOUN
absel-734	26	14	to	to	ADP
absel-734	26	15	the	the	DET
absel-734	26	16	pricing	pricing	NOUN
absel-734	26	17	of	of	ADP
absel-734	26	18	risky	risky	ADJ
absel-734	26	19	discount	discount	NOUN
absel-734	26	20	bonds	bond	NOUN
absel-734	26	21	.	.	PUNCT
absel-734	27	1	his	his	PRON
absel-734	27	2	results	result	NOUN
absel-734	27	3	yield	yield	VERB
absel-734	27	4	important	important	ADJ
absel-734	27	5	insights	insight	NOUN
absel-734	27	6	into	into	ADP
absel-734	27	7	the	the	DET
absel-734	27	8	determinants	determinant	NOUN
absel-734	27	9	of	of	ADP
absel-734	27	10	the	the	DET
absel-734	27	11	credit	credit	NOUN
absel-734	27	12	spread	spread	NOUN
absel-734	27	13	.	.	PUNCT
absel-734	28	1	however	however	ADV
absel-734	28	2	,	,	PUNCT
absel-734	28	3	merton	merton	PROPN
absel-734	28	4	’s	’s	PART
absel-734	28	5	model	model	NOUN
absel-734	28	6	suffers	suffer	VERB
absel-734	28	7	from	from	ADP
absel-734	28	8	two	two	NUM
absel-734	28	9	major	major	ADJ
absel-734	28	10	shortcomings	shortcoming	NOUN
absel-734	28	11	.	.	PUNCT
absel-734	29	1	first	first	ADV
absel-734	29	2	,	,	PUNCT
absel-734	29	3	it	it	PRON
absel-734	29	4	considers	consider	VERB
absel-734	29	5	discount	discount	NOUN
absel-734	29	6	bonds	bond	NOUN
absel-734	29	7	only	only	ADV
absel-734	29	8	and	and	CCONJ
absel-734	29	9	second	second	ADJ
absel-734	29	10	,	,	PUNCT
absel-734	29	11	it	it	PRON
absel-734	29	12	assumes	assume	VERB
absel-734	29	13	fixed	fix	VERB
absel-734	29	14	risk	risk	NOUN
absel-734	29	15	free	free	ADJ
absel-734	29	16	interest	interest	NOUN
absel-734	29	17	rate	rate	NOUN
absel-734	29	18	.	.	PUNCT
absel-734	30	1	neither	neither	PRON
absel-734	30	2	of	of	ADP
absel-734	30	3	the	the	DET
absel-734	30	4	assumptions	assumption	NOUN
absel-734	30	5	is	be	AUX
absel-734	30	6	prevalent	prevalent	ADJ
absel-734	30	7	in	in	ADP
absel-734	30	8	practice	practice	NOUN
absel-734	30	9	,	,	PUNCT
absel-734	30	10	especially	especially	ADV
absel-734	30	11	in	in	ADP
absel-734	30	12	the	the	DET
absel-734	30	13	case	case	NOUN
absel-734	30	14	of	of	ADP
absel-734	30	15	interest	interest	NOUN
absel-734	30	16	rate	rate	NOUN
absel-734	30	17	swaps	swap	NOUN
absel-734	30	18	.	.	PUNCT
absel-734	31	1	this	this	DET
absel-734	31	2	paper	paper	NOUN
absel-734	31	3	relaxes	relax	VERB
absel-734	31	4	the	the	DET
absel-734	31	5	assumptions	assumption	NOUN
absel-734	31	6	of	of	ADP
absel-734	31	7	black	black	ADJ
absel-734	31	8	-	-	PUNCT
absel-734	31	9	scholes	schole	NOUN
absel-734	31	10	-	-	PUNCT
absel-734	31	11	merton	merton	NOUN
absel-734	31	12	models	model	NOUN
absel-734	31	13	by	by	ADP
absel-734	31	14	analysing	analyse	VERB
absel-734	31	15	the	the	DET
absel-734	31	16	coupon	coupon	NOUN
absel-734	31	17	paying	pay	VERB
absel-734	31	18	debts	debt	NOUN
absel-734	31	19	in	in	ADP
absel-734	31	20	a	a	DET
absel-734	31	21	variable	variable	ADJ
absel-734	31	22	default	default	NOUN
absel-734	31	23	-	-	PUNCT
absel-734	31	24	free	free	ADJ
absel-734	31	25	interest	interest	NOUN
absel-734	31	26	rate	rate	NOUN
absel-734	31	27	environment	environment	NOUN
absel-734	31	28	.	.	PUNCT
absel-734	32	1	under	under	ADP
absel-734	32	2	these	these	DET
absel-734	32	3	conditions	condition	NOUN
absel-734	32	4	,	,	PUNCT
absel-734	32	5	no	no	DET
absel-734	32	6	closed	closed	ADJ
absel-734	32	7	-	-	PUNCT
absel-734	32	8	form	form	NOUN
absel-734	32	9	solutions	solution	NOUN
absel-734	32	10	for	for	ADP
absel-734	32	11	the	the	DET
absel-734	32	12	valuation	valuation	NOUN
absel-734	32	13	of	of	ADP
absel-734	32	14	default	default	NOUN
absel-734	32	15	risky	risky	ADJ
absel-734	32	16	fixed	fix	VERB
absel-734	32	17	and	and	CCONJ
absel-734	32	18	floating	float	VERB
absel-734	32	19	rate	rate	NOUN
absel-734	32	20	debts	debt	NOUN
absel-734	32	21	can	can	AUX
absel-734	32	22	be	be	AUX
absel-734	32	23	obtained	obtain	VERB
absel-734	32	24	.	.	PUNCT
absel-734	33	1	instead	instead	ADV
absel-734	33	2	,	,	PUNCT
absel-734	33	3	i	i	PRON
absel-734	33	4	develop	develop	VERB
absel-734	33	5	a	a	DET
absel-734	33	6	simulation	simulation	NOUN
absel-734	33	7	model	model	NOUN
absel-734	33	8	based	base	VERB
absel-734	33	9	on	on	ADP
absel-734	33	10	the	the	DET
absel-734	33	11	contingent	contingent	NOUN
absel-734	33	12	claims	claim	NOUN
absel-734	33	13	theory	theory	NOUN
absel-734	33	14	to	to	PART
absel-734	33	15	evaluate	evaluate	VERB
absel-734	33	16	the	the	DET
absel-734	33	17	coupon	coupon	NOUN
absel-734	33	18	interest	interest	NOUN
absel-734	33	19	that	that	PRON
absel-734	33	20	should	should	AUX
absel-734	33	21	be	be	AUX
absel-734	33	22	paid	pay	VERB
absel-734	33	23	by	by	ADP
absel-734	33	24	the	the	DET
absel-734	33	25	fixed	fix	VERB
absel-734	33	26	and	and	CCONJ
absel-734	33	27	floating	float	VERB
absel-734	33	28	rate	rate	NOUN
absel-734	33	29	default	default	NOUN
absel-734	33	30	risky	risky	ADJ
absel-734	33	31	corporate	corporate	ADJ
absel-734	33	32	debts	debt	NOUN
absel-734	33	33	.	.	PUNCT
absel-734	34	1	my	my	PRON
absel-734	34	2	model	model	NOUN
absel-734	34	3	shows	show	VERB
absel-734	34	4	that	that	SCONJ
absel-734	34	5	there	there	PRON
absel-734	34	6	exist	exist	VERB
absel-734	34	7	quality	quality	NOUN
absel-734	34	8	spread	spread	VERB
absel-734	34	9	differentials	differential	NOUN
absel-734	34	10	in	in	ADP
absel-734	34	11	the	the	DET
absel-734	34	12	260	260	NUM
absel-734	34	13	mailto:bubosco@polyu.edu.hk	mailto:bubosco@polyu.edu.hk	ADJ
absel-734	34	14	developments	development	NOUN
absel-734	34	15	in	in	ADP
absel-734	34	16	business	business	NOUN
absel-734	34	17	simulation	simulation	NOUN
absel-734	34	18	and	and	CCONJ
absel-734	34	19	experiential	experiential	ADJ
absel-734	34	20	learning	learning	NOUN
absel-734	34	21	,	,	PUNCT
absel-734	34	22	volume	volume	NOUN
absel-734	34	23	30	30	NUM
absel-734	34	24	,	,	PUNCT
absel-734	34	25	2003	2003	NUM
absel-734	34	26	fixed	fix	VERB
absel-734	34	27	and	and	CCONJ
absel-734	34	28	floating	float	VERB
absel-734	34	29	rate	rate	NOUN
absel-734	34	30	debt	debt	NOUN
absel-734	34	31	markets	market	NOUN
absel-734	34	32	.	.	PUNCT
absel-734	35	1	the	the	DET
absel-734	35	2	source	source	NOUN
absel-734	35	3	of	of	ADP
absel-734	35	4	the	the	DET
absel-734	35	5	quality	quality	NOUN
absel-734	35	6	spread	spread	NOUN
absel-734	35	7	differentials	differential	NOUN
absel-734	35	8	comes	come	VERB
absel-734	35	9	mainly	mainly	ADV
absel-734	35	10	from	from	ADP
absel-734	35	11	the	the	DET
absel-734	35	12	firms	firm	NOUN
absel-734	35	13	’	’	PART
absel-734	35	14	balance	balance	NOUN
absel-734	35	15	sheet	sheet	NOUN
absel-734	35	16	structure	structure	NOUN
absel-734	35	17	and	and	CCONJ
absel-734	35	18	the	the	DET
absel-734	35	19	nature	nature	NOUN
absel-734	35	20	of	of	ADP
absel-734	35	21	the	the	DET
absel-734	35	22	business	business	NOUN
absel-734	35	23	.	.	PUNCT
absel-734	36	1	my	my	PRON
absel-734	36	2	results	result	NOUN
absel-734	36	3	show	show	VERB
absel-734	36	4	that	that	SCONJ
absel-734	36	5	interest	interest	NOUN
absel-734	36	6	rate	rate	NOUN
absel-734	36	7	swaps	swap	NOUN
absel-734	36	8	can	can	AUX
absel-734	36	9	benefit	benefit	VERB
absel-734	36	10	both	both	DET
absel-734	36	11	participating	participate	VERB
absel-734	36	12	firms	firm	NOUN
absel-734	36	13	for	for	ADP
absel-734	36	14	reasons	reason	NOUN
absel-734	36	15	other	other	ADJ
absel-734	36	16	than	than	ADP
absel-734	36	17	market	market	NOUN
absel-734	36	18	imperfections	imperfection	NOUN
absel-734	36	19	or	or	CCONJ
absel-734	36	20	inefficiencies	inefficiency	NOUN
absel-734	36	21	.	.	PUNCT
absel-734	37	1	the	the	DET
absel-734	37	2	structure	structure	NOUN
absel-734	37	3	of	of	ADP
absel-734	37	4	this	this	DET
absel-734	37	5	paper	paper	NOUN
absel-734	37	6	is	be	AUX
absel-734	37	7	as	as	SCONJ
absel-734	37	8	follows	follow	VERB
absel-734	37	9	.	.	PUNCT
absel-734	38	1	section	section	NOUN
absel-734	38	2	2	2	NUM
absel-734	38	3	discusses	discuss	VERB
absel-734	38	4	the	the	DET
absel-734	38	5	problems	problem	NOUN
absel-734	38	6	in	in	ADP
absel-734	38	7	the	the	DET
absel-734	38	8	valuation	valuation	NOUN
absel-734	38	9	of	of	ADP
absel-734	38	10	default	default	NOUN
absel-734	38	11	risky	risky	ADJ
absel-734	38	12	coupon	coupon	NOUN
absel-734	38	13	paying	pay	VERB
absel-734	38	14	debt	debt	NOUN
absel-734	38	15	securities	security	NOUN
absel-734	38	16	.	.	PUNCT
absel-734	39	1	section	section	NOUN
absel-734	39	2	3	3	NUM
absel-734	39	3	presents	present	VERB
absel-734	39	4	my	my	PRON
absel-734	39	5	valuation	valuation	NOUN
absel-734	39	6	framework	framework	NOUN
absel-734	39	7	and	and	CCONJ
absel-734	39	8	derives	derive	VERB
absel-734	39	9	a	a	DET
absel-734	39	10	contingent	contingent	NOUN
absel-734	39	11	claims	claim	VERB
absel-734	39	12	equation	equation	NOUN
absel-734	39	13	for	for	ADP
absel-734	39	14	the	the	DET
absel-734	39	15	value	value	NOUN
absel-734	39	16	of	of	ADP
absel-734	39	17	default	default	NOUN
absel-734	39	18	risky	risky	ADJ
absel-734	39	19	coupon	coupon	NOUN
absel-734	39	20	paying	pay	VERB
absel-734	39	21	debt	debt	NOUN
absel-734	39	22	.	.	PUNCT
absel-734	40	1	section	section	NOUN
absel-734	40	2	4	4	NUM
absel-734	40	3	discusses	discuss	VERB
absel-734	40	4	the	the	DET
absel-734	40	5	simulation	simulation	NOUN
absel-734	40	6	model	model	NOUN
absel-734	40	7	and	and	CCONJ
absel-734	40	8	procedures	procedure	NOUN
absel-734	40	9	.	.	PUNCT
absel-734	41	1	section	section	NOUN
absel-734	41	2	5	5	NUM
absel-734	41	3	presents	present	VERB
absel-734	41	4	the	the	DET
absel-734	41	5	simulation	simulation	NOUN
absel-734	41	6	results	result	NOUN
absel-734	41	7	and	and	CCONJ
absel-734	41	8	concludes	conclude	VERB
absel-734	41	9	the	the	DET
absel-734	41	10	paper	paper	NOUN
absel-734	41	11	.	.	PUNCT
absel-734	42	1	the	the	DET
absel-734	42	2	problems	problem	NOUN
absel-734	42	3	in	in	ADP
absel-734	42	4	the	the	DET
absel-734	42	5	valuation	valuation	NOUN
absel-734	42	6	of	of	ADP
absel-734	42	7	default	default	NOUN
absel-734	42	8	risky	risky	ADJ
absel-734	42	9	debts	debt	NOUN
absel-734	42	10	the	the	DET
absel-734	42	11	traditional	traditional	ADJ
absel-734	42	12	method	method	NOUN
absel-734	42	13	of	of	ADP
absel-734	42	14	valuing	value	VERB
absel-734	42	15	debt	debt	NOUN
absel-734	42	16	securities	security	NOUN
absel-734	42	17	is	be	AUX
absel-734	42	18	done	do	VERB
absel-734	42	19	by	by	ADP
absel-734	42	20	discounting	discount	VERB
absel-734	42	21	future	future	ADJ
absel-734	42	22	expected	expect	VERB
absel-734	42	23	cash	cash	NOUN
absel-734	42	24	flows	flow	NOUN
absel-734	42	25	as	as	SCONJ
absel-734	42	26	specified	specify	VERB
absel-734	42	27	under	under	ADP
absel-734	42	28	the	the	DET
absel-734	42	29	debt	debt	NOUN
absel-734	42	30	indenture	indenture	NOUN
absel-734	42	31	at	at	ADP
absel-734	42	32	the	the	DET
absel-734	42	33	risk	risk	NOUN
absel-734	42	34	-	-	PUNCT
absel-734	42	35	adjusted	adjust	VERB
absel-734	42	36	rate	rate	NOUN
absel-734	42	37	of	of	ADP
absel-734	42	38	return	return	NOUN
absel-734	42	39	.	.	PUNCT
absel-734	43	1	the	the	DET
absel-734	43	2	risk	risk	NOUN
absel-734	43	3	-	-	PUNCT
absel-734	43	4	adjusted	adjust	VERB
absel-734	43	5	rate	rate	NOUN
absel-734	43	6	of	of	ADP
absel-734	43	7	return	return	NOUN
absel-734	43	8	will	will	AUX
absel-734	43	9	incorporate	incorporate	VERB
absel-734	43	10	all	all	DET
absel-734	43	11	the	the	DET
absel-734	43	12	risks	risk	NOUN
absel-734	43	13	related	relate	VERB
absel-734	43	14	to	to	ADP
absel-734	43	15	the	the	DET
absel-734	43	16	investment	investment	NOUN
absel-734	43	17	on	on	ADP
absel-734	43	18	the	the	DET
absel-734	43	19	debt	debt	NOUN
absel-734	43	20	security	security	NOUN
absel-734	43	21	.	.	PUNCT
absel-734	44	1	one	one	NUM
absel-734	44	2	approach	approach	NOUN
absel-734	44	3	to	to	PART
absel-734	44	4	determine	determine	VERB
absel-734	44	5	the	the	DET
absel-734	44	6	appropriate	appropriate	ADJ
absel-734	44	7	discount	discount	NOUN
absel-734	44	8	rate	rate	NOUN
absel-734	44	9	for	for	ADP
absel-734	44	10	an	an	DET
absel-734	44	11	individual	individual	ADJ
absel-734	44	12	debt	debt	NOUN
absel-734	44	13	security	security	NOUN
absel-734	44	14	is	be	AUX
absel-734	44	15	to	to	PART
absel-734	44	16	use	use	VERB
absel-734	44	17	the	the	DET
absel-734	44	18	capital	capital	NOUN
absel-734	44	19	asset	asset	NOUN
absel-734	44	20	pricing	pricing	NOUN
absel-734	44	21	model	model	NOUN
absel-734	44	22	(	(	PUNCT
absel-734	44	23	capm	capm	PROPN
absel-734	44	24	)	)	PUNCT
absel-734	44	25	to	to	PART
absel-734	44	26	price	price	VERB
absel-734	44	27	the	the	DET
absel-734	44	28	risks	risk	NOUN
absel-734	44	29	with	with	ADP
absel-734	44	30	the	the	DET
absel-734	44	31	market	market	NOUN
absel-734	44	32	portfolio	portfolio	NOUN
absel-734	44	33	.	.	PUNCT
absel-734	45	1	however	however	ADV
absel-734	45	2	,	,	PUNCT
absel-734	45	3	the	the	DET
absel-734	45	4	problem	problem	NOUN
absel-734	45	5	of	of	ADP
absel-734	45	6	using	use	VERB
absel-734	45	7	capm	capm	PROPN
absel-734	45	8	is	be	AUX
absel-734	45	9	that	that	SCONJ
absel-734	45	10	we	we	PRON
absel-734	45	11	inevitably	inevitably	ADV
absel-734	45	12	have	have	VERB
absel-734	45	13	to	to	PART
absel-734	45	14	use	use	VERB
absel-734	45	15	the	the	DET
absel-734	45	16	parameters	parameter	NOUN
absel-734	45	17	of	of	ADP
absel-734	45	18	expected	expect	VERB
absel-734	45	19	return	return	NOUN
absel-734	45	20	and	and	CCONJ
absel-734	45	21	risk	risk	NOUN
absel-734	45	22	preference	preference	NOUN
absel-734	45	23	of	of	ADP
absel-734	45	24	investors	investor	NOUN
absel-734	45	25	,	,	PUNCT
absel-734	45	26	which	which	PRON
absel-734	45	27	are	be	AUX
absel-734	45	28	either	either	CCONJ
absel-734	45	29	unobservable	unobservable	ADJ
absel-734	45	30	or	or	CCONJ
absel-734	45	31	difficult	difficult	ADJ
absel-734	45	32	to	to	PART
absel-734	45	33	evaluate	evaluate	VERB
absel-734	45	34	.	.	PUNCT
absel-734	46	1	it	it	PRON
absel-734	46	2	is	be	AUX
absel-734	46	3	not	not	PART
absel-734	46	4	saying	say	VERB
absel-734	46	5	that	that	SCONJ
absel-734	46	6	capm	capm	PROPN
absel-734	46	7	can	can	AUX
absel-734	46	8	not	not	PART
absel-734	46	9	be	be	AUX
absel-734	46	10	used	use	VERB
absel-734	46	11	to	to	PART
absel-734	46	12	value	value	VERB
absel-734	46	13	the	the	DET
absel-734	46	14	firm	firm	NOUN
absel-734	46	15	’s	’s	PART
absel-734	46	16	securities	security	NOUN
absel-734	46	17	.	.	PUNCT
absel-734	47	1	however	however	ADV
absel-734	47	2	,	,	PUNCT
absel-734	47	3	in	in	ADP
absel-734	47	4	practice	practice	NOUN
absel-734	47	5	,	,	PUNCT
absel-734	47	6	we	we	PRON
absel-734	47	7	still	still	ADV
absel-734	47	8	have	have	VERB
absel-734	47	9	to	to	PART
absel-734	47	10	use	use	VERB
absel-734	47	11	historical	historical	ADJ
absel-734	47	12	values	value	NOUN
absel-734	47	13	of	of	ADP
absel-734	47	14	variable	variable	NOUN
absel-734	47	15	such	such	ADJ
absel-734	47	16	as	as	ADP
absel-734	47	17	β	β	PROPN
absel-734	47	18	and	and	CCONJ
absel-734	47	19	share	share	NOUN
absel-734	47	20	prices	price	NOUN
absel-734	47	21	.	.	PUNCT
absel-734	48	1	black	black	ADJ
absel-734	48	2	and	and	CCONJ
absel-734	48	3	scholes	schole	NOUN
absel-734	48	4	(	(	PUNCT
absel-734	48	5	1973	1973	NUM
absel-734	48	6	)	)	PUNCT
absel-734	48	7	,	,	PUNCT
absel-734	48	8	in	in	ADP
absel-734	48	9	their	their	PRON
absel-734	48	10	development	development	NOUN
absel-734	48	11	of	of	ADP
absel-734	48	12	the	the	DET
absel-734	48	13	option	option	NOUN
absel-734	48	14	-	-	PUNCT
absel-734	48	15	pricing	pricing	NOUN
absel-734	48	16	model	model	NOUN
absel-734	48	17	,	,	PUNCT
absel-734	48	18	also	also	ADV
absel-734	48	19	recognised	recognise	VERB
absel-734	48	20	that	that	SCONJ
absel-734	48	21	the	the	DET
absel-734	48	22	insights	insight	NOUN
absel-734	48	23	of	of	ADP
absel-734	48	24	option	option	NOUN
absel-734	48	25	pricing	pricing	NOUN
absel-734	48	26	theory	theory	NOUN
absel-734	48	27	could	could	AUX
absel-734	48	28	be	be	AUX
absel-734	48	29	applied	apply	VERB
absel-734	48	30	to	to	ADP
absel-734	48	31	the	the	DET
absel-734	48	32	pricing	pricing	NOUN
absel-734	48	33	of	of	ADP
absel-734	48	34	corporate	corporate	ADJ
absel-734	48	35	liabilities	liability	NOUN
absel-734	48	36	.	.	PUNCT
absel-734	49	1	this	this	PRON
absel-734	49	2	is	be	AUX
absel-734	49	3	mainly	mainly	ADV
absel-734	49	4	because	because	SCONJ
absel-734	49	5	of	of	ADP
absel-734	49	6	the	the	DET
absel-734	49	7	limited	limited	ADJ
absel-734	49	8	liability	liability	NOUN
absel-734	49	9	provision	provision	NOUN
absel-734	49	10	for	for	ADP
absel-734	49	11	the	the	DET
absel-734	49	12	shareholders	shareholder	NOUN
absel-734	49	13	allowed	allow	VERB
absel-734	49	14	by	by	ADP
absel-734	49	15	most	most	ADJ
absel-734	49	16	corporations	corporation	NOUN
absel-734	49	17	nowadays	nowadays	ADV
absel-734	49	18	.	.	PUNCT
absel-734	50	1	on	on	ADP
absel-734	50	2	debt	debt	NOUN
absel-734	50	3	maturity	maturity	NOUN
absel-734	50	4	date	date	NOUN
absel-734	50	5	or	or	CCONJ
absel-734	50	6	any	any	DET
absel-734	50	7	interest	interest	NOUN
absel-734	50	8	payment	payment	NOUN
absel-734	50	9	date	date	NOUN
absel-734	50	10	,	,	PUNCT
absel-734	50	11	it	it	PRON
absel-734	50	12	can	can	AUX
absel-734	50	13	be	be	AUX
absel-734	50	14	shown	show	VERB
absel-734	50	15	that	that	SCONJ
absel-734	50	16	the	the	DET
absel-734	50	17	corporate	corporate	ADJ
absel-734	50	18	equity	equity	NOUN
absel-734	50	19	can	can	AUX
absel-734	50	20	be	be	AUX
absel-734	50	21	treated	treat	VERB
absel-734	50	22	as	as	ADP
absel-734	50	23	a	a	DET
absel-734	50	24	call	call	NOUN
absel-734	50	25	option	option	NOUN
absel-734	50	26	on	on	ADP
absel-734	50	27	the	the	DET
absel-734	50	28	assets	asset	NOUN
absel-734	50	29	of	of	ADP
absel-734	50	30	the	the	DET
absel-734	50	31	corporation	corporation	NOUN
absel-734	50	32	with	with	ADP
absel-734	50	33	exercise	exercise	NOUN
absel-734	50	34	price	price	NOUN
absel-734	50	35	of	of	ADP
absel-734	50	36	the	the	DET
absel-734	50	37	debt	debt	NOUN
absel-734	50	38	payment	payment	NOUN
absel-734	50	39	needed	need	VERB
absel-734	50	40	to	to	PART
absel-734	50	41	be	be	AUX
absel-734	50	42	satisfied	satisfied	ADJ
absel-734	50	43	.	.	PUNCT
absel-734	51	1	based	base	VERB
absel-734	51	2	on	on	ADP
absel-734	51	3	the	the	DET
absel-734	51	4	put	put	NOUN
absel-734	51	5	-	-	PUNCT
absel-734	51	6	call	call	NOUN
absel-734	51	7	parity	parity	NOUN
absel-734	51	8	,	,	PUNCT
absel-734	51	9	the	the	DET
absel-734	51	10	risk	risk	NOUN
absel-734	51	11	premium	premium	NOUN
absel-734	51	12	of	of	ADP
absel-734	51	13	a	a	DET
absel-734	51	14	default	default	NOUN
absel-734	51	15	risky	risky	ADJ
absel-734	51	16	corporate	corporate	ADJ
absel-734	51	17	debt	debt	NOUN
absel-734	51	18	can	can	AUX
absel-734	51	19	be	be	AUX
absel-734	51	20	treated	treat	VERB
absel-734	51	21	as	as	ADP
absel-734	51	22	a	a	DET
absel-734	51	23	put	put	NOUN
absel-734	51	24	option	option	NOUN
absel-734	51	25	with	with	ADP
absel-734	51	26	the	the	DET
absel-734	51	27	same	same	ADJ
absel-734	51	28	parameters	parameter	NOUN
absel-734	51	29	as	as	ADP
absel-734	51	30	the	the	DET
absel-734	51	31	equity	equity	NOUN
absel-734	51	32	call	call	NOUN
absel-734	51	33	option	option	NOUN
absel-734	51	34	that	that	SCONJ
absel-734	51	35	the	the	DET
absel-734	51	36	debtholders	debtholder	NOUN
absel-734	51	37	have	have	AUX
absel-734	51	38	sold	sell	VERB
absel-734	51	39	to	to	ADP
absel-734	51	40	the	the	DET
absel-734	51	41	equityholders	equityholder	NOUN
absel-734	51	42	.	.	PUNCT
absel-734	52	1	using	use	VERB
absel-734	52	2	the	the	DET
absel-734	52	3	option	option	NOUN
absel-734	52	4	pricing	pricing	NOUN
absel-734	52	5	approach	approach	NOUN
absel-734	52	6	,	,	PUNCT
absel-734	52	7	merton	merton	X
absel-734	52	8	(	(	PUNCT
absel-734	52	9	1974	1974	NUM
absel-734	52	10	)	)	PUNCT
absel-734	52	11	carried	carry	VERB
absel-734	52	12	out	out	ADP
absel-734	52	13	the	the	DET
absel-734	52	14	analysis	analysis	NOUN
absel-734	52	15	of	of	ADP
absel-734	52	16	the	the	DET
absel-734	52	17	default	default	NOUN
absel-734	52	18	spread	spread	VERB
absel-734	52	19	between	between	ADP
absel-734	52	20	corporate	corporate	ADJ
absel-734	52	21	and	and	CCONJ
absel-734	52	22	us	us	PROPN
absel-734	52	23	treasury	treasury	PROPN
absel-734	52	24	discount	discount	NOUN
absel-734	52	25	securities	security	NOUN
absel-734	52	26	.	.	PUNCT
absel-734	53	1	his	his	PRON
absel-734	53	2	results	result	NOUN
absel-734	53	3	show	show	VERB
absel-734	53	4	that	that	SCONJ
absel-734	53	5	the	the	DET
absel-734	53	6	default	default	NOUN
absel-734	53	7	spread	spread	NOUN
absel-734	53	8	is	be	AUX
absel-734	53	9	a	a	DET
absel-734	53	10	function	function	NOUN
absel-734	53	11	of	of	ADP
absel-734	53	12	a	a	PRON
absel-734	53	13	)	)	PUNCT
absel-734	53	14	the	the	DET
absel-734	53	15	level	level	NOUN
absel-734	53	16	of	of	ADP
absel-734	53	17	leverage	leverage	NOUN
absel-734	53	18	;	;	PUNCT
absel-734	53	19	b	b	X
absel-734	53	20	)	)	PUNCT
absel-734	53	21	the	the	DET
absel-734	53	22	volatility	volatility	NOUN
absel-734	53	23	of	of	ADP
absel-734	53	24	the	the	DET
absel-734	53	25	corporate	corporate	ADJ
absel-734	53	26	assets	asset	NOUN
absel-734	53	27	;	;	PUNCT
absel-734	53	28	and	and	CCONJ
absel-734	53	29	,	,	PUNCT
absel-734	53	30	c	c	X
absel-734	53	31	)	)	PUNCT
absel-734	53	32	the	the	DET
absel-734	53	33	time	time	NOUN
absel-734	53	34	to	to	ADP
absel-734	53	35	maturity	maturity	NOUN
absel-734	53	36	of	of	ADP
absel-734	53	37	the	the	DET
absel-734	53	38	corporate	corporate	ADJ
absel-734	53	39	debt	debt	NOUN
absel-734	53	40	.	.	PUNCT
absel-734	54	1	merton	merton	PROPN
absel-734	54	2	’s	’s	PART
absel-734	54	3	(	(	PUNCT
absel-734	54	4	1974	1974	NUM
absel-734	54	5	)	)	PUNCT
absel-734	54	6	analysis	analysis	NOUN
absel-734	54	7	acts	act	VERB
absel-734	54	8	as	as	ADP
absel-734	54	9	a	a	DET
absel-734	54	10	catalyst	catalyst	NOUN
absel-734	54	11	for	for	ADP
absel-734	54	12	research	research	NOUN
absel-734	54	13	on	on	ADP
absel-734	54	14	corporate	corporate	ADJ
absel-734	54	15	liabilities	liability	NOUN
absel-734	54	16	with	with	ADP
absel-734	54	17	the	the	DET
absel-734	54	18	application	application	NOUN
absel-734	54	19	of	of	ADP
absel-734	54	20	option	option	NOUN
absel-734	54	21	pricing	pricing	NOUN
absel-734	54	22	or	or	CCONJ
absel-734	54	23	contingent	contingent	ADJ
absel-734	54	24	claims	claim	NOUN
absel-734	54	25	theory	theory	NOUN
absel-734	54	26	.	.	PUNCT
absel-734	55	1	however	however	ADV
absel-734	55	2	,	,	PUNCT
absel-734	55	3	there	there	PRON
absel-734	55	4	are	be	VERB
absel-734	55	5	two	two	NUM
absel-734	55	6	major	major	ADJ
absel-734	55	7	problems	problem	NOUN
absel-734	55	8	with	with	ADP
absel-734	55	9	merton	merton	PROPN
absel-734	55	10	’s	’s	PART
absel-734	55	11	(	(	PUNCT
absel-734	55	12	1974	1974	NUM
absel-734	55	13	)	)	PUNCT
absel-734	55	14	model	model	NOUN
absel-734	55	15	.	.	PUNCT
absel-734	56	1	first	first	ADV
absel-734	56	2	,	,	PUNCT
absel-734	56	3	merton	merton	X
absel-734	56	4	(	(	PUNCT
absel-734	56	5	1974	1974	NUM
absel-734	56	6	)	)	PUNCT
absel-734	56	7	analyses	analyse	VERB
absel-734	56	8	the	the	DET
absel-734	56	9	default	default	NOUN
absel-734	56	10	spread	spread	VERB
absel-734	56	11	on	on	ADP
absel-734	56	12	pure	pure	ADJ
absel-734	56	13	discount	discount	NOUN
absel-734	56	14	securities	security	NOUN
absel-734	56	15	but	but	CCONJ
absel-734	56	16	in	in	ADP
absel-734	56	17	practice	practice	NOUN
absel-734	56	18	most	most	ADJ
absel-734	56	19	corporate	corporate	ADJ
absel-734	56	20	securities	security	NOUN
absel-734	56	21	promise	promise	VERB
absel-734	56	22	coupon	coupon	NOUN
absel-734	56	23	payment	payment	NOUN
absel-734	56	24	.	.	PUNCT
absel-734	57	1	in	in	ADP
absel-734	57	2	fact	fact	NOUN
absel-734	57	3	,	,	PUNCT
absel-734	57	4	zero	zero	NUM
absel-734	57	5	coupon	coupon	NOUN
absel-734	57	6	securities	security	NOUN
absel-734	57	7	are	be	AUX
absel-734	57	8	relatively	relatively	ADV
absel-734	57	9	rare	rare	ADJ
absel-734	57	10	.	.	PUNCT
absel-734	58	1	therefore	therefore	ADV
absel-734	58	2	,	,	PUNCT
absel-734	58	3	it	it	PRON
absel-734	58	4	is	be	AUX
absel-734	58	5	difficult	difficult	ADJ
absel-734	58	6	to	to	PART
absel-734	58	7	apply	apply	VERB
absel-734	58	8	merton	merton	PROPN
absel-734	58	9	’s	’s	PART
absel-734	58	10	(	(	PUNCT
absel-734	58	11	1974	1974	NUM
absel-734	58	12	)	)	PUNCT
absel-734	58	13	model	model	NOUN
absel-734	58	14	for	for	ADP
absel-734	58	15	the	the	DET
absel-734	58	16	analysis	analysis	NOUN
absel-734	58	17	of	of	ADP
absel-734	58	18	most	most	ADJ
absel-734	58	19	corporate	corporate	ADJ
absel-734	58	20	debts	debt	NOUN
absel-734	58	21	.	.	PUNCT
absel-734	59	1	the	the	DET
absel-734	59	2	difficulty	difficulty	NOUN
absel-734	59	3	of	of	ADP
absel-734	59	4	valuing	value	VERB
absel-734	59	5	corporate	corporate	ADJ
absel-734	59	6	coupon	coupon	NOUN
absel-734	59	7	paying	pay	VERB
absel-734	59	8	debt	debt	NOUN
absel-734	59	9	is	be	AUX
absel-734	59	10	that	that	SCONJ
absel-734	59	11	it	it	PRON
absel-734	59	12	will	will	AUX
absel-734	59	13	involve	involve	VERB
absel-734	59	14	a	a	DET
absel-734	59	15	series	series	NOUN
absel-734	59	16	of	of	ADP
absel-734	59	17	options	option	NOUN
absel-734	59	18	on	on	ADP
absel-734	59	19	the	the	DET
absel-734	59	20	assets	asset	NOUN
absel-734	59	21	of	of	ADP
absel-734	59	22	the	the	DET
absel-734	59	23	corporation	corporation	NOUN
absel-734	59	24	on	on	ADP
absel-734	59	25	each	each	DET
absel-734	59	26	debt	debt	NOUN
absel-734	59	27	payment	payment	NOUN
absel-734	59	28	date	date	NOUN
absel-734	59	29	,	,	PUNCT
absel-734	59	30	each	each	DET
absel-734	59	31	option	option	NOUN
absel-734	59	32	being	be	AUX
absel-734	59	33	dependent	dependent	ADJ
absel-734	59	34	on	on	ADP
absel-734	59	35	the	the	DET
absel-734	59	36	outcome	outcome	NOUN
absel-734	59	37	of	of	ADP
absel-734	59	38	the	the	DET
absel-734	59	39	previous	previous	ADJ
absel-734	59	40	option	option	NOUN
absel-734	59	41	.	.	PUNCT
absel-734	60	1	second	second	ADJ
absel-734	60	2	,	,	PUNCT
absel-734	60	3	merton	merton	X
absel-734	60	4	(	(	PUNCT
absel-734	60	5	1974	1974	NUM
absel-734	60	6	)	)	PUNCT
absel-734	60	7	assumes	assume	VERB
absel-734	60	8	the	the	DET
absel-734	60	9	risk	risk	NOUN
absel-734	60	10	free	free	ADJ
absel-734	60	11	rate	rate	NOUN
absel-734	60	12	is	be	AUX
absel-734	60	13	fixed	fix	VERB
absel-734	60	14	.	.	PUNCT
absel-734	61	1	however	however	ADV
absel-734	61	2	,	,	PUNCT
absel-734	61	3	the	the	DET
absel-734	61	4	values	value	NOUN
absel-734	61	5	of	of	ADP
absel-734	61	6	both	both	CCONJ
absel-734	61	7	the	the	DET
absel-734	61	8	default	default	NOUN
absel-734	61	9	free	free	ADJ
absel-734	61	10	treasury	treasury	NOUN
absel-734	61	11	and	and	CCONJ
absel-734	61	12	default	default	VERB
absel-734	61	13	risky	risky	ADJ
absel-734	61	14	corporate	corporate	ADJ
absel-734	61	15	debt	debt	NOUN
absel-734	61	16	are	be	AUX
absel-734	61	17	known	know	VERB
absel-734	61	18	to	to	PART
absel-734	61	19	be	be	AUX
absel-734	61	20	significantly	significantly	ADV
absel-734	61	21	influenced	influence	VERB
absel-734	61	22	by	by	ADP
absel-734	61	23	interest	interest	NOUN
absel-734	61	24	rate	rate	NOUN
absel-734	61	25	risk	risk	NOUN
absel-734	61	26	.	.	PUNCT
absel-734	62	1	subsequent	subsequent	ADJ
absel-734	62	2	research	research	NOUN
absel-734	62	3	has	have	AUX
absel-734	62	4	attempted	attempt	VERB
absel-734	62	5	to	to	PART
absel-734	62	6	improve	improve	VERB
absel-734	62	7	the	the	DET
absel-734	62	8	performance	performance	NOUN
absel-734	62	9	of	of	ADP
absel-734	62	10	merton	merton	PROPN
absel-734	62	11	’s	’s	PART
absel-734	62	12	(	(	PUNCT
absel-734	62	13	1974	1974	NUM
absel-734	62	14	)	)	PUNCT
absel-734	62	15	model	model	NOUN
absel-734	62	16	by	by	ADP
absel-734	62	17	dealing	deal	VERB
absel-734	62	18	with	with	ADP
absel-734	62	19	the	the	DET
absel-734	62	20	above	above	ADJ
absel-734	62	21	two	two	NUM
absel-734	62	22	issues	issue	NOUN
absel-734	62	23	.	.	PUNCT
absel-734	63	1	however	however	ADV
absel-734	63	2	,	,	PUNCT
absel-734	63	3	the	the	DET
absel-734	63	4	resulting	result	VERB
absel-734	63	5	models	model	NOUN
absel-734	63	6	provide	provide	VERB
absel-734	63	7	either	either	CCONJ
absel-734	63	8	extremely	extremely	ADV
absel-734	63	9	complicated	complicated	ADJ
absel-734	63	10	mathematical	mathematical	ADJ
absel-734	63	11	solutions	solution	NOUN
absel-734	63	12	or	or	CCONJ
absel-734	63	13	only	only	ADJ
absel-734	63	14	expressions	expression	NOUN
absel-734	63	15	without	without	ADP
absel-734	63	16	closed	closed	ADJ
absel-734	63	17	form	form	NOUN
absel-734	63	18	solutions	solution	NOUN
absel-734	63	19	.	.	PUNCT
absel-734	64	1	for	for	ADP
absel-734	64	2	example	example	NOUN
absel-734	64	3	,	,	PUNCT
absel-734	64	4	geske	geske	PROPN
absel-734	64	5	(	(	PUNCT
absel-734	64	6	1977	1977	NUM
absel-734	64	7	)	)	PUNCT
absel-734	64	8	first	first	ADV
absel-734	64	9	suggested	suggest	VERB
absel-734	64	10	that	that	SCONJ
absel-734	64	11	a	a	DET
absel-734	64	12	series	series	NOUN
absel-734	64	13	of	of	ADP
absel-734	64	14	coupon	coupon	NOUN
absel-734	64	15	payments	payment	NOUN
absel-734	64	16	could	could	AUX
absel-734	64	17	be	be	AUX
absel-734	64	18	treated	treat	VERB
absel-734	64	19	as	as	ADP
absel-734	64	20	compound	compound	NOUN
absel-734	64	21	options	option	NOUN
absel-734	64	22	in	in	ADP
absel-734	64	23	deriving	derive	VERB
absel-734	64	24	the	the	DET
absel-734	64	25	valuation	valuation	NOUN
absel-734	64	26	equation	equation	NOUN
absel-734	64	27	for	for	ADP
absel-734	64	28	the	the	DET
absel-734	64	29	coupon	coupon	NOUN
absel-734	64	30	-	-	PUNCT
absel-734	64	31	paying	pay	VERB
absel-734	64	32	bond	bond	NOUN
absel-734	64	33	.	.	PUNCT
absel-734	65	1	however	however	ADV
absel-734	65	2	,	,	PUNCT
absel-734	65	3	his	his	PRON
absel-734	65	4	results	result	NOUN
absel-734	65	5	involve	involve	VERB
absel-734	65	6	a	a	DET
absel-734	65	7	multivariate	multivariate	NOUN
absel-734	65	8	normal	normal	ADJ
absel-734	65	9	distribution	distribution	NOUN
absel-734	65	10	function	function	NOUN
absel-734	65	11	that	that	PRON
absel-734	65	12	is	be	AUX
absel-734	65	13	both	both	PRON
absel-734	65	14	intimidating	intimidate	VERB
absel-734	65	15	and	and	CCONJ
absel-734	65	16	mathematically	mathematically	ADV
absel-734	65	17	complex	complex	ADJ
absel-734	65	18	as	as	ADP
absel-734	65	19	a	a	DET
absel-734	65	20	consequence	consequence	NOUN
absel-734	65	21	of	of	ADP
absel-734	65	22	his	his	PRON
absel-734	65	23	assumption	assumption	NOUN
absel-734	65	24	on	on	ADP
absel-734	65	25	the	the	DET
absel-734	65	26	financing	financing	NOUN
absel-734	65	27	of	of	ADP
absel-734	65	28	coupon	coupon	NOUN
absel-734	65	29	payments	payment	NOUN
absel-734	65	30	.	.	PUNCT
absel-734	66	1	before	before	ADP
absel-734	66	2	discussing	discuss	VERB
absel-734	66	3	the	the	DET
absel-734	66	4	problems	problem	NOUN
absel-734	66	5	with	with	ADP
absel-734	66	6	geske	geske	PROPN
absel-734	66	7	’s	’s	PART
absel-734	66	8	(	(	PUNCT
absel-734	66	9	1977	1977	NUM
absel-734	66	10	)	)	PUNCT
absel-734	66	11	model	model	NOUN
absel-734	66	12	,	,	PUNCT
absel-734	66	13	i	i	PRON
absel-734	66	14	would	would	AUX
absel-734	66	15	like	like	VERB
absel-734	66	16	to	to	PART
absel-734	66	17	point	point	VERB
absel-734	66	18	out	out	ADP
absel-734	66	19	the	the	DET
absel-734	66	20	important	important	ADJ
absel-734	66	21	factors	factor	NOUN
absel-734	66	22	affecting	affect	VERB
absel-734	66	23	the	the	DET
absel-734	66	24	models	model	NOUN
absel-734	66	25	resulting	result	VERB
absel-734	66	26	from	from	ADP
absel-734	66	27	using	use	VERB
absel-734	66	28	contingent	contingent	ADJ
absel-734	66	29	claims	claim	NOUN
absel-734	66	30	technique	technique	NOUN
absel-734	66	31	which	which	PRON
absel-734	66	32	attempt	attempt	VERB
absel-734	66	33	to	to	PART
absel-734	66	34	value	value	VERB
absel-734	66	35	coupon	coupon	NOUN
absel-734	66	36	paying	pay	VERB
absel-734	66	37	debt	debt	NOUN
absel-734	66	38	securities	security	NOUN
absel-734	66	39	.	.	PUNCT
absel-734	67	1	the	the	DET
absel-734	67	2	most	most	ADV
absel-734	67	3	important	important	ADJ
absel-734	67	4	factors	factor	NOUN
absel-734	67	5	affecting	affect	VERB
absel-734	67	6	the	the	DET
absel-734	67	7	resulting	result	VERB
absel-734	67	8	contingent	contingent	ADJ
absel-734	67	9	claims	claim	NOUN
absel-734	67	10	models	model	NOUN
absel-734	67	11	to	to	PART
absel-734	67	12	value	value	VERB
absel-734	67	13	default	default	NOUN
absel-734	67	14	risky	risky	ADJ
absel-734	67	15	coupon	coupon	NOUN
absel-734	67	16	paying	pay	VERB
absel-734	67	17	debt	debt	NOUN
absel-734	67	18	securities	security	NOUN
absel-734	67	19	are	be	AUX
absel-734	67	20	how	how	SCONJ
absel-734	67	21	the	the	DET
absel-734	67	22	event	event	NOUN
absel-734	67	23	of	of	ADP
absel-734	67	24	default	default	NOUN
absel-734	67	25	or	or	CCONJ
absel-734	67	26	insolvency	insolvency	NOUN
absel-734	67	27	and	and	CCONJ
absel-734	67	28	the	the	DET
absel-734	67	29	recovery	recovery	NOUN
absel-734	67	30	value	value	NOUN
absel-734	67	31	of	of	ADP
absel-734	67	32	the	the	DET
absel-734	67	33	debts	debt	NOUN
absel-734	67	34	in	in	ADP
absel-734	67	35	the	the	DET
absel-734	67	36	event	event	NOUN
absel-734	67	37	of	of	ADP
absel-734	67	38	default	default	NOUN
absel-734	67	39	are	be	AUX
absel-734	67	40	defined	define	VERB
absel-734	67	41	.	.	PUNCT
absel-734	68	1	it	it	PRON
absel-734	68	2	is	be	AUX
absel-734	68	3	generally	generally	ADV
absel-734	68	4	accepted	accept	VERB
absel-734	68	5	that	that	SCONJ
absel-734	68	6	,	,	PUNCT
absel-734	68	7	in	in	ADP
absel-734	68	8	the	the	DET
absel-734	68	9	case	case	NOUN
absel-734	68	10	of	of	ADP
absel-734	68	11	debt	debt	NOUN
absel-734	68	12	securities	security	NOUN
absel-734	68	13	,	,	PUNCT
absel-734	68	14	default	default	NOUN
absel-734	68	15	occurs	occur	VERB
absel-734	68	16	when	when	SCONJ
absel-734	68	17	the	the	DET
absel-734	68	18	borrower	borrower	NOUN
absel-734	68	19	is	be	AUX
absel-734	68	20	unable	unable	ADJ
absel-734	68	21	to	to	PART
absel-734	68	22	make	make	VERB
absel-734	68	23	the	the	DET
absel-734	68	24	contractual	contractual	ADJ
absel-734	68	25	payments	payment	NOUN
absel-734	68	26	due	due	ADJ
absel-734	68	27	on	on	ADP
absel-734	68	28	the	the	DET
absel-734	68	29	security	security	NOUN
absel-734	68	30	at	at	ADP
absel-734	68	31	any	any	DET
absel-734	68	32	time	time	NOUN
absel-734	68	33	during	during	ADP
absel-734	68	34	the	the	DET
absel-734	68	35	life	life	NOUN
absel-734	68	36	of	of	ADP
absel-734	68	37	the	the	DET
absel-734	68	38	contract	contract	NOUN
absel-734	68	39	.	.	PUNCT
absel-734	69	1	the	the	DET
absel-734	69	2	assumption	assumption	NOUN
absel-734	69	3	of	of	ADP
absel-734	69	4	how	how	SCONJ
absel-734	69	5	the	the	DET
absel-734	69	6	contractual	contractual	ADJ
absel-734	69	7	payments	payment	NOUN
absel-734	69	8	are	be	AUX
absel-734	69	9	financed	finance	VERB
absel-734	69	10	is	be	AUX
absel-734	69	11	important	important	ADJ
absel-734	69	12	because	because	SCONJ
absel-734	69	13	it	it	PRON
absel-734	69	14	affects	affect	VERB
absel-734	69	15	the	the	DET
absel-734	69	16	balance	balance	NOUN
absel-734	69	17	sheet	sheet	NOUN
absel-734	69	18	structure	structure	NOUN
absel-734	69	19	of	of	ADP
absel-734	69	20	the	the	DET
absel-734	69	21	borrowing	borrowing	NOUN
absel-734	69	22	firm	firm	NOUN
absel-734	69	23	and	and	CCONJ
absel-734	69	24	,	,	PUNCT
absel-734	69	25	thus	thus	ADV
absel-734	69	26	,	,	PUNCT
absel-734	69	27	the	the	DET
absel-734	69	28	derived	derived	ADJ
absel-734	69	29	valuation	valuation	NOUN
absel-734	69	30	model	model	NOUN
absel-734	69	31	.	.	PUNCT
absel-734	70	1	geske	geske	PROPN
absel-734	70	2	(	(	PUNCT
absel-734	70	3	1977	1977	NUM
absel-734	70	4	)	)	PUNCT
absel-734	70	5	assumed	assume	VERB
absel-734	70	6	that	that	SCONJ
absel-734	70	7	the	the	DET
absel-734	70	8	firms	firm	NOUN
absel-734	70	9	finances	finance	VERB
absel-734	70	10	each	each	DET
absel-734	70	11	coupon	coupon	NOUN
absel-734	70	12	payment	payment	NOUN
absel-734	70	13	through	through	ADP
absel-734	70	14	a	a	DET
absel-734	70	15	rights	right	NOUN
absel-734	70	16	issue	issue	NOUN
absel-734	70	17	and	and	CCONJ
absel-734	70	18	states	state	VERB
absel-734	70	19	that	that	SCONJ
absel-734	70	20	the	the	DET
absel-734	70	21	firm	firm	NOUN
absel-734	70	22	will	will	AUX
absel-734	70	23	find	find	VERB
absel-734	70	24	no	no	DET
absel-734	70	25	takers	taker	NOUN
absel-734	70	26	for	for	ADP
absel-734	70	27	the	the	DET
absel-734	70	28	stock	stock	NOUN
absel-734	70	29	whenever	whenever	SCONJ
absel-734	70	30	the	the	DET
absel-734	70	31	value	value	NOUN
absel-734	70	32	of	of	ADP
absel-734	70	33	equity	equity	NOUN
absel-734	70	34	,	,	PUNCT
absel-734	70	35	after	after	ADP
absel-734	70	36	the	the	DET
absel-734	70	37	coupon	coupon	NOUN
absel-734	70	38	payment	payment	NOUN
absel-734	70	39	,	,	PUNCT
absel-734	70	40	is	be	AUX
absel-734	70	41	less	less	ADJ
absel-734	70	42	than	than	ADP
absel-734	70	43	the	the	DET
absel-734	70	44	value	value	NOUN
absel-734	70	45	of	of	ADP
absel-734	70	46	the	the	DET
absel-734	70	47	firm	firm	NOUN
absel-734	70	48	’s	’s	PART
absel-734	70	49	debts	debt	NOUN
absel-734	70	50	.	.	PUNCT
absel-734	71	1	it	it	PRON
absel-734	71	2	is	be	AUX
absel-734	71	3	assumed	assume	VERB
absel-734	71	4	that	that	SCONJ
absel-734	71	5	in	in	ADP
absel-734	71	6	this	this	DET
absel-734	71	7	situation	situation	NOUN
absel-734	71	8	the	the	DET
absel-734	71	9	firm	firm	NOUN
absel-734	71	10	is	be	AUX
absel-734	71	11	insolvent	insolvent	ADJ
absel-734	71	12	and	and	CCONJ
absel-734	71	13	default	default	NOUN
absel-734	71	14	occurs	occur	NOUN
absel-734	71	15	.	.	PUNCT
absel-734	72	1	based	base	VERB
absel-734	72	2	on	on	ADP
absel-734	72	3	this	this	DET
absel-734	72	4	assumption	assumption	NOUN
absel-734	72	5	,	,	PUNCT
absel-734	72	6	geske	geske	PROPN
absel-734	72	7	(	(	PUNCT
absel-734	72	8	1977	1977	NUM
absel-734	72	9	)	)	PUNCT
absel-734	72	10	derived	derive	VERB
absel-734	72	11	a	a	DET
absel-734	72	12	valuation	valuation	NOUN
absel-734	72	13	equation	equation	NOUN
absel-734	72	14	that	that	PRON
absel-734	72	15	involves	involve	VERB
absel-734	72	16	a	a	DET
absel-734	72	17	multivariate	multivariate	NOUN
absel-734	72	18	distribution	distribution	NOUN
absel-734	72	19	function	function	NOUN
absel-734	72	20	,	,	PUNCT
absel-734	72	21	which	which	PRON
absel-734	72	22	is	be	AUX
absel-734	72	23	difficult	difficult	ADJ
absel-734	72	24	to	to	PART
absel-734	72	25	apply	apply	VERB
absel-734	72	26	to	to	ADP
absel-734	72	27	the	the	DET
absel-734	72	28	study	study	NOUN
absel-734	72	29	of	of	ADP
absel-734	72	30	the	the	DET
absel-734	72	31	risk	risk	NOUN
absel-734	72	32	premium	premium	NOUN
absel-734	72	33	of	of	ADP
absel-734	72	34	default	default	NOUN
absel-734	72	35	risky	risky	ADJ
absel-734	72	36	coupon	coupon	NOUN
absel-734	72	37	paying	pay	VERB
absel-734	72	38	debt	debt	NOUN
absel-734	72	39	securities	security	NOUN
absel-734	72	40	.	.	PUNCT
absel-734	73	1	the	the	DET
absel-734	73	2	complexity	complexity	NOUN
absel-734	73	3	mainly	mainly	ADV
absel-734	73	4	arises	arise	VERB
absel-734	73	5	from	from	ADP
absel-734	73	6	the	the	DET
absel-734	73	7	assumed	assumed	ADJ
absel-734	73	8	solvency	solvency	NOUN
absel-734	73	9	condition	condition	NOUN
absel-734	73	10	that	that	SCONJ
absel-734	73	11	the	the	DET
absel-734	73	12	value	value	NOUN
absel-734	73	13	of	of	ADP
absel-734	73	14	the	the	DET
absel-734	73	15	firm	firm	NOUN
absel-734	73	16	’s	’s	PART
absel-734	73	17	assets	asset	NOUN
absel-734	73	18	should	should	AUX
absel-734	73	19	exceed	exceed	VERB
absel-734	73	20	the	the	DET
absel-734	73	21	coupon	coupon	NOUN
absel-734	73	22	payment	payment	NOUN
absel-734	73	23	as	as	ADV
absel-734	73	24	well	well	ADV
absel-734	73	25	as	as	ADP
absel-734	73	26	the	the	DET
absel-734	73	27	market	market	NOUN
absel-734	73	28	value	value	NOUN
absel-734	73	29	of	of	ADP
absel-734	73	30	the	the	DET
absel-734	73	31	debt	debt	NOUN
absel-734	73	32	which	which	PRON
absel-734	73	33	itself	itself	PRON
absel-734	73	34	is	be	AUX
absel-734	73	35	a	a	DET
absel-734	73	36	contingent	contingent	ADJ
absel-734	73	37	claim	claim	NOUN
absel-734	73	38	on	on	ADP
absel-734	73	39	the	the	DET
absel-734	73	40	firm	firm	NOUN
absel-734	73	41	’s	’s	PART
absel-734	73	42	assets	asset	NOUN
absel-734	73	43	.	.	PUNCT
absel-734	74	1	longstaff	longstaff	NOUN
absel-734	74	2	and	and	CCONJ
absel-734	74	3	schwartz	schwartz	PROPN
absel-734	74	4	(	(	PUNCT
absel-734	74	5	1995	1995	NUM
absel-734	74	6	)	)	PUNCT
absel-734	74	7	derived	derive	VERB
absel-734	74	8	simple	simple	ADJ
absel-734	74	9	closedform	closedform	NOUN
absel-734	74	10	expressions	expression	NOUN
absel-734	74	11	for	for	ADP
absel-734	74	12	both	both	CCONJ
absel-734	74	13	risky	risky	ADJ
absel-734	74	14	fixed	fix	VERB
absel-734	74	15	-	-	PUNCT
absel-734	74	16	rate	rate	NOUN
absel-734	74	17	and	and	CCONJ
absel-734	74	18	floating	float	VERB
absel-734	74	19	-	-	PUNCT
absel-734	74	20	rate	rate	NOUN
absel-734	74	21	debt	debt	NOUN
absel-734	74	22	based	base	VERB
absel-734	74	23	on	on	ADP
absel-734	74	24	a	a	DET
absel-734	74	25	continuous	continuous	ADJ
absel-734	74	26	-	-	PUNCT
absel-734	74	27	time	time	NOUN
absel-734	74	28	option	option	NOUN
absel-734	74	29	valuation	valuation	NOUN
absel-734	74	30	framework	framework	NOUN
absel-734	74	31	.	.	PUNCT
absel-734	75	1	their	their	PRON
absel-734	75	2	model	model	NOUN
absel-734	75	3	incorporates	incorporate	VERB
absel-734	75	4	both	both	DET
absel-734	75	5	default	default	NOUN
absel-734	75	6	risk	risk	NOUN
absel-734	75	7	and	and	CCONJ
absel-734	75	8	interest	interest	NOUN
absel-734	75	9	rate	rate	NOUN
absel-734	75	10	risk	risk	NOUN
absel-734	75	11	.	.	PUNCT
absel-734	76	1	however	however	ADV
absel-734	76	2	,	,	PUNCT
absel-734	76	3	their	their	PRON
absel-734	76	4	model	model	NOUN
absel-734	76	5	explicitly	explicitly	ADV
absel-734	76	6	allows	allow	VERB
absel-734	76	7	for	for	ADP
absel-734	76	8	deviations	deviation	NOUN
absel-734	76	9	from	from	ADP
absel-734	76	10	strict	strict	ADJ
absel-734	76	11	absolute	absolute	ADJ
absel-734	76	12	priority	priority	NOUN
absel-734	76	13	and	and	CCONJ
absel-734	76	14	firm	firm	ADJ
absel-734	76	15	insolvency	insolvency	NOUN
absel-734	76	16	261	261	NUM
absel-734	76	17	developments	development	NOUN
absel-734	76	18	in	in	ADP
absel-734	76	19	business	business	NOUN
absel-734	76	20	simulation	simulation	NOUN
absel-734	76	21	and	and	CCONJ
absel-734	76	22	experiential	experiential	ADJ
absel-734	76	23	learning	learning	NOUN
absel-734	76	24	,	,	PUNCT
absel-734	76	25	volume	volume	NOUN
absel-734	76	26	30	30	NUM
absel-734	76	27	,	,	PUNCT
absel-734	76	28	2003	2003	NUM
absel-734	76	29	may	may	AUX
absel-734	76	30	occur	occur	VERB
absel-734	76	31	before	before	ADP
absel-734	76	32	the	the	DET
absel-734	76	33	contractual	contractual	ADJ
absel-734	76	34	coupon	coupon	NOUN
absel-734	76	35	payment	payment	NOUN
absel-734	76	36	dates	date	NOUN
absel-734	76	37	whenever	whenever	SCONJ
absel-734	76	38	the	the	DET
absel-734	76	39	firm	firm	NOUN
absel-734	76	40	’s	’s	PART
absel-734	76	41	assets	asset	NOUN
absel-734	76	42	values	value	NOUN
absel-734	76	43	fall	fall	VERB
absel-734	76	44	below	below	ADP
absel-734	76	45	a	a	DET
absel-734	76	46	pre	pre	ADJ
absel-734	76	47	-	-	ADJ
absel-734	76	48	defined	define	VERB
absel-734	76	49	threshold	threshold	NOUN
absel-734	76	50	value	value	NOUN
absel-734	76	51	.	.	PUNCT
absel-734	77	1	as	as	ADP
absel-734	77	2	a	a	DET
absel-734	77	3	result	result	NOUN
absel-734	77	4	,	,	PUNCT
absel-734	77	5	their	their	PRON
absel-734	77	6	model	model	NOUN
absel-734	77	7	is	be	AUX
absel-734	77	8	also	also	ADV
absel-734	77	9	mathematically	mathematically	ADV
absel-734	77	10	complicated	complicated	ADJ
absel-734	77	11	.	.	PUNCT
absel-734	78	1	this	this	DET
absel-734	78	2	paper	paper	NOUN
absel-734	78	3	differs	differ	VERB
absel-734	78	4	from	from	ADP
absel-734	78	5	the	the	DET
absel-734	78	6	papers	paper	NOUN
absel-734	78	7	discussed	discuss	VERB
absel-734	78	8	above	above	ADV
absel-734	78	9	by	by	ADP
absel-734	78	10	adhering	adhere	VERB
absel-734	78	11	to	to	ADP
absel-734	78	12	the	the	DET
absel-734	78	13	more	more	ADV
absel-734	78	14	common	common	ADJ
absel-734	78	15	rule	rule	NOUN
absel-734	78	16	that	that	SCONJ
absel-734	78	17	insolvency	insolvency	NOUN
absel-734	78	18	can	can	AUX
absel-734	78	19	occur	occur	VERB
absel-734	78	20	only	only	ADV
absel-734	78	21	when	when	SCONJ
absel-734	78	22	a	a	DET
absel-734	78	23	firm	firm	NOUN
absel-734	78	24	can	can	AUX
absel-734	78	25	not	not	PART
absel-734	78	26	satisfy	satisfy	VERB
absel-734	78	27	the	the	DET
absel-734	78	28	debt	debt	NOUN
absel-734	78	29	service	service	NOUN
absel-734	78	30	payment	payment	NOUN
absel-734	78	31	due	due	ADJ
absel-734	78	32	and	and	CCONJ
absel-734	78	33	assuming	assume	VERB
absel-734	78	34	that	that	SCONJ
absel-734	78	35	the	the	DET
absel-734	78	36	firm	firm	NOUN
absel-734	78	37	finances	finance	VERB
absel-734	78	38	the	the	DET
absel-734	78	39	debt	debt	NOUN
absel-734	78	40	service	service	NOUN
absel-734	78	41	payments	payment	NOUN
absel-734	78	42	by	by	ADP
absel-734	78	43	selling	sell	VERB
absel-734	78	44	off	off	ADP
absel-734	78	45	its	its	PRON
absel-734	78	46	assets	asset	NOUN
absel-734	78	47	.	.	PUNCT
absel-734	79	1	i	i	PRON
absel-734	79	2	discuss	discuss	VERB
absel-734	79	3	my	my	PRON
absel-734	79	4	valuation	valuation	NOUN
absel-734	79	5	framework	framework	NOUN
absel-734	79	6	in	in	ADP
absel-734	79	7	the	the	DET
absel-734	79	8	next	next	ADJ
absel-734	79	9	section	section	NOUN
absel-734	79	10	.	.	PUNCT
absel-734	80	1	the	the	DET
absel-734	80	2	valuation	valuation	NOUN
absel-734	80	3	framework	framework	NOUN
absel-734	80	4	i	i	PRON
absel-734	80	5	adopt	adopt	VERB
absel-734	80	6	the	the	DET
absel-734	80	7	following	following	ADJ
absel-734	80	8	notation	notation	NOUN
absel-734	80	9	in	in	ADP
absel-734	80	10	developing	develop	VERB
absel-734	80	11	my	my	PRON
absel-734	80	12	valuation	valuation	NOUN
absel-734	80	13	framework	framework	NOUN
absel-734	80	14	:	:	PUNCT
absel-734	80	15	t	t	NOUN
absel-734	80	16	=	=	PUNCT
absel-734	80	17	number	number	NOUN
absel-734	80	18	of	of	ADP
absel-734	80	19	time	time	NOUN
absel-734	80	20	periods	period	NOUN
absel-734	80	21	from	from	ADP
absel-734	80	22	1	1	NUM
absel-734	80	23	to	to	ADP
absel-734	80	24	t	t	PROPN
absel-734	80	25	,	,	PUNCT
absel-734	80	26	with	with	ADP
absel-734	80	27	t	t	PROPN
absel-734	80	28	as	as	ADP
absel-734	80	29	the	the	DET
absel-734	80	30	maturity	maturity	NOUN
absel-734	80	31	date	date	NOUN
absel-734	80	32	of	of	ADP
absel-734	80	33	the	the	DET
absel-734	80	34	debt	debt	NOUN
absel-734	80	35	;	;	PUNCT
absel-734	80	36	vt	vt	PROPN
absel-734	80	37	=	=	PUNCT
absel-734	80	38	the	the	DET
absel-734	80	39	value	value	NOUN
absel-734	80	40	of	of	ADP
absel-734	80	41	the	the	DET
absel-734	80	42	firm	firm	NOUN
absel-734	80	43	’s	’s	PART
absel-734	80	44	assets	asset	NOUN
absel-734	80	45	at	at	ADP
absel-734	80	46	period	period	NOUN
absel-734	80	47	t	t	NOUN
absel-734	80	48	;	;	PUNCT
absel-734	80	49	bf	bf	NOUN
absel-734	80	50	=	=	PUNCT
absel-734	80	51	the	the	DET
absel-734	80	52	face	face	NOUN
absel-734	80	53	value	value	NOUN
absel-734	80	54	of	of	ADP
absel-734	80	55	the	the	DET
absel-734	80	56	debt	debt	NOUN
absel-734	80	57	;	;	PUNCT
absel-734	80	58	b0	b0	VERB
absel-734	80	59	t	t	NOUN
absel-734	80	60	=	=	PUNCT
absel-734	80	61	the	the	DET
absel-734	80	62	present	present	ADJ
absel-734	80	63	value	value	NOUN
absel-734	80	64	of	of	ADP
absel-734	80	65	default	default	NOUN
absel-734	80	66	risk	risk	NOUN
absel-734	80	67	free	free	ADJ
absel-734	80	68	debt	debt	NOUN
absel-734	80	69	at	at	ADP
absel-734	80	70	t	t	PROPN
absel-734	80	71	=	=	SYM
absel-734	80	72	0	0	NUM
absel-734	80	73	with	with	ADP
absel-734	80	74	maturity	maturity	NOUN
absel-734	80	75	t	t	NOUN
absel-734	80	76	;	;	PUNCT
absel-734	80	77	d0	d0	NOUN
absel-734	80	78	t	t	NOUN
absel-734	80	79	=	=	PUNCT
absel-734	80	80	the	the	DET
absel-734	80	81	present	present	ADJ
absel-734	80	82	value	value	NOUN
absel-734	80	83	of	of	ADP
absel-734	80	84	default	default	NOUN
absel-734	80	85	risky	risky	ADJ
absel-734	80	86	debt	debt	NOUN
absel-734	80	87	at	at	ADP
absel-734	80	88	t=	t=	PRON
absel-734	80	89	0	0	NUM
absel-734	80	90	with	with	ADP
absel-734	80	91	maturity	maturity	NOUN
absel-734	80	92	t	t	NOUN
absel-734	80	93	;	;	PUNCT
absel-734	80	94	dt	dt	ADP
absel-734	80	95	=	=	PUNCT
absel-734	80	96	the	the	DET
absel-734	80	97	payoff	payoff	NOUN
absel-734	80	98	of	of	ADP
absel-734	80	99	the	the	DET
absel-734	80	100	debt	debt	NOUN
absel-734	80	101	at	at	ADP
absel-734	80	102	period	period	NOUN
absel-734	80	103	t	t	NOUN
absel-734	80	104	;	;	PUNCT
absel-734	80	105	xf	xf	PROPN
absel-734	80	106	=	=	PROPN
absel-734	81	1	the	the	DET
absel-734	81	2	fixed	fixed	ADJ
absel-734	81	3	coupons	coupon	NOUN
absel-734	81	4	paid	pay	VERB
absel-734	81	5	at	at	ADP
absel-734	81	6	the	the	DET
absel-734	81	7	end	end	NOUN
absel-734	81	8	of	of	ADP
absel-734	81	9	each	each	DET
absel-734	81	10	period	period	NOUN
absel-734	81	11	t	t	NOUN
absel-734	81	12	;	;	PUNCT
absel-734	81	13	xxt=	xxt=	NUM
absel-734	81	14	the	the	DET
absel-734	81	15	variable	variable	ADJ
absel-734	81	16	coupons	coupon	NOUN
absel-734	81	17	paid	pay	VERB
absel-734	81	18	at	at	ADP
absel-734	81	19	the	the	DET
absel-734	81	20	end	end	NOUN
absel-734	81	21	of	of	ADP
absel-734	81	22	each	each	DET
absel-734	81	23	period	period	NOUN
absel-734	81	24	t	t	NOUN
absel-734	81	25	;	;	PUNCT
absel-734	81	26	et	et	X
absel-734	81	27	=	=	PUNCT
absel-734	81	28	the	the	DET
absel-734	81	29	payoff	payoff	NOUN
absel-734	81	30	of	of	ADP
absel-734	81	31	equity	equity	NOUN
absel-734	81	32	at	at	ADP
absel-734	81	33	period	period	NOUN
absel-734	81	34	t	t	PROPN
absel-734	81	35	;	;	PUNCT
absel-734	81	36	e0	e0	PROPN
absel-734	81	37	t	t	PROPN
absel-734	81	38	=	=	PUNCT
absel-734	81	39	the	the	DET
absel-734	81	40	present	present	ADJ
absel-734	81	41	value	value	NOUN
absel-734	81	42	of	of	ADP
absel-734	81	43	equity	equity	NOUN
absel-734	81	44	at	at	ADP
absel-734	81	45	t	t	PROPN
absel-734	81	46	=	=	SYM
absel-734	81	47	0	0	NUM
absel-734	81	48	with	with	ADP
absel-734	81	49	the	the	DET
absel-734	81	50	debt	debt	NOUN
absel-734	81	51	’s	’s	PART
absel-734	81	52	maturity	maturity	NOUN
absel-734	81	53	t	t	PROPN
absel-734	81	54	;	;	PUNCT
absel-734	81	55	rv	rv	X
absel-734	81	56	=	=	PUNCT
absel-734	82	1	the	the	DET
absel-734	82	2	instantaneous	instantaneous	ADJ
absel-734	82	3	expected	expect	VERB
absel-734	82	4	return	return	NOUN
absel-734	82	5	of	of	ADP
absel-734	82	6	the	the	DET
absel-734	82	7	firm	firm	NOUN
absel-734	82	8	’s	’s	PART
absel-734	82	9	assets	asset	NOUN
absel-734	82	10	value	value	NOUN
absel-734	82	11	;	;	PUNCT
absel-734	82	12	σv	σv	ADP
absel-734	82	13	2=	2=	NUM
absel-734	82	14	the	the	DET
absel-734	82	15	instantaneous	instantaneous	ADJ
absel-734	82	16	variance	variance	NOUN
absel-734	82	17	of	of	ADP
absel-734	82	18	the	the	DET
absel-734	82	19	return	return	NOUN
absel-734	82	20	of	of	ADP
absel-734	82	21	the	the	DET
absel-734	82	22	firm	firm	NOUN
absel-734	82	23	’s	’s	PART
absel-734	82	24	assets	asset	NOUN
absel-734	82	25	value	value	NOUN
absel-734	82	26	;	;	PUNCT
absel-734	83	1	r	r	X
absel-734	83	2	=	=	PUNCT
absel-734	83	3	the	the	DET
absel-734	83	4	instantaneous	instantaneous	ADJ
absel-734	83	5	expected	expect	VERB
absel-734	83	6	return	return	NOUN
absel-734	83	7	of	of	ADP
absel-734	83	8	the	the	DET
absel-734	83	9	default	default	NOUN
absel-734	83	10	risk	risk	NOUN
absel-734	83	11	free	free	ADJ
absel-734	83	12	bond	bond	NOUN
absel-734	83	13	;	;	PUNCT
absel-734	83	14	σb	σb	ADP
absel-734	83	15	2=	2=	NUM
absel-734	83	16	the	the	DET
absel-734	83	17	instantaneous	instantaneous	ADJ
absel-734	83	18	variance	variance	NOUN
absel-734	83	19	of	of	ADP
absel-734	83	20	the	the	DET
absel-734	83	21	return	return	NOUN
absel-734	83	22	of	of	ADP
absel-734	83	23	the	the	DET
absel-734	83	24	default	default	NOUN
absel-734	83	25	risk	risk	NOUN
absel-734	83	26	free	free	ADJ
absel-734	83	27	bond	bond	NOUN
absel-734	83	28	;	;	PUNCT
absel-734	83	29	rft=	rft=	NUM
absel-734	83	30	the	the	DET
absel-734	83	31	default	default	NOUN
absel-734	83	32	risk	risk	NOUN
absel-734	83	33	free	free	ADJ
absel-734	83	34	rate	rate	NOUN
absel-734	83	35	at	at	ADP
absel-734	83	36	period	period	NOUN
absel-734	83	37	t.	t.	PROPN
absel-734	83	38	z	z	PROPN
absel-734	84	1	=	=	PUNCT
absel-734	84	2	the	the	DET
absel-734	84	3	standard	standard	ADJ
absel-734	84	4	wiener	wiener	NOUN
absel-734	84	5	process	process	NOUN
absel-734	84	6	.	.	PUNCT
absel-734	85	1	the	the	DET
absel-734	85	2	assumptions	assumption	NOUN
absel-734	85	3	conventionally	conventionally	ADV
absel-734	85	4	made	make	VERB
absel-734	85	5	in	in	ADP
absel-734	85	6	contingent	contingent	ADJ
absel-734	85	7	claims	claim	NOUN
absel-734	85	8	literature	literature	NOUN
absel-734	85	9	are	be	AUX
absel-734	85	10	i	i	PRON
absel-734	85	11	)	)	PUNCT
absel-734	85	12	there	there	PRON
absel-734	85	13	are	be	VERB
absel-734	85	14	no	no	DET
absel-734	85	15	transaction	transaction	NOUN
absel-734	85	16	costs	cost	NOUN
absel-734	85	17	;	;	PUNCT
absel-734	85	18	ii	ii	X
absel-734	85	19	)	)	PUNCT
absel-734	85	20	modigliani	modigliani	PROPN
absel-734	85	21	and	and	CCONJ
absel-734	85	22	miller	miller	PROPN
absel-734	85	23	’s	’s	PART
absel-734	85	24	proposition	proposition	NOUN
absel-734	85	25	1	1	NUM
absel-734	85	26	that	that	SCONJ
absel-734	85	27	the	the	DET
absel-734	85	28	value	value	NOUN
absel-734	85	29	of	of	ADP
absel-734	85	30	firm	firm	NOUN
absel-734	85	31	is	be	AUX
absel-734	85	32	invariant	invariant	ADJ
absel-734	85	33	to	to	ADP
absel-734	85	34	its	its	PRON
absel-734	85	35	capital	capital	NOUN
absel-734	85	36	structure	structure	NOUN
absel-734	85	37	applies	apply	VERB
absel-734	85	38	;	;	PUNCT
absel-734	85	39	iii	iii	X
absel-734	85	40	)	)	PUNCT
absel-734	85	41	there	there	PRON
absel-734	85	42	are	be	VERB
absel-734	85	43	no	no	DET
absel-734	85	44	penalties	penalty	NOUN
absel-734	85	45	for	for	ADP
absel-734	85	46	short	short	ADJ
absel-734	85	47	selling	selling	NOUN
absel-734	85	48	;	;	PUNCT
absel-734	85	49	iv	iv	X
absel-734	85	50	)	)	PUNCT
absel-734	85	51	investors	investor	NOUN
absel-734	85	52	can	can	AUX
absel-734	85	53	borrow	borrow	VERB
absel-734	85	54	and	and	CCONJ
absel-734	85	55	lend	lend	VERB
absel-734	85	56	at	at	ADP
absel-734	85	57	the	the	DET
absel-734	85	58	same	same	ADJ
absel-734	85	59	rate	rate	NOUN
absel-734	85	60	of	of	ADP
absel-734	85	61	interest	interest	NOUN
absel-734	85	62	;	;	PUNCT
absel-734	85	63	and	and	CCONJ
absel-734	85	64	v	v	X
absel-734	85	65	)	)	PUNCT
absel-734	85	66	trading	trading	NOUN
absel-734	85	67	in	in	ADP
absel-734	85	68	assets	asset	NOUN
absel-734	85	69	takes	take	VERB
absel-734	85	70	place	place	NOUN
absel-734	85	71	continuously	continuously	ADV
absel-734	85	72	in	in	ADP
absel-734	85	73	time	time	NOUN
absel-734	85	74	.	.	PUNCT
absel-734	86	1	in	in	ADP
absel-734	86	2	addition	addition	NOUN
absel-734	86	3	to	to	ADP
absel-734	86	4	the	the	DET
absel-734	86	5	conventional	conventional	ADJ
absel-734	86	6	assumptions	assumption	NOUN
absel-734	86	7	,	,	PUNCT
absel-734	86	8	i	i	PRON
absel-734	86	9	make	make	VERB
absel-734	86	10	specific	specific	ADJ
absel-734	86	11	assumptions	assumption	NOUN
absel-734	86	12	on	on	ADP
absel-734	86	13	the	the	DET
absel-734	86	14	evolution	evolution	NOUN
absel-734	86	15	of	of	ADP
absel-734	86	16	default	default	NOUN
absel-734	86	17	free	free	ADJ
absel-734	86	18	interest	interest	NOUN
absel-734	86	19	rate	rate	NOUN
absel-734	86	20	and	and	CCONJ
absel-734	86	21	the	the	DET
absel-734	86	22	firm	firm	NOUN
absel-734	86	23	’s	’s	PART
absel-734	86	24	financial	financial	ADJ
absel-734	86	25	structure	structure	NOUN
absel-734	86	26	and	and	CCONJ
absel-734	86	27	payoff	payoff	VERB
absel-734	86	28	conditions	condition	NOUN
absel-734	86	29	of	of	ADP
absel-734	86	30	liabilities	liability	NOUN
absel-734	86	31	in	in	ADP
absel-734	86	32	developing	develop	VERB
absel-734	86	33	my	my	PRON
absel-734	86	34	valuation	valuation	NOUN
absel-734	86	35	model	model	NOUN
absel-734	86	36	.	.	PUNCT
absel-734	87	1	evolution	evolution	NOUN
absel-734	87	2	of	of	ADP
absel-734	87	3	default	default	NOUN
absel-734	87	4	free	free	ADJ
absel-734	87	5	interest	interest	NOUN
absel-734	87	6	rate	rate	NOUN
absel-734	87	7	a1	a1	NOUN
absel-734	87	8	.	.	PUNCT
absel-734	88	1	i	i	PRON
absel-734	88	2	allow	allow	VERB
absel-734	88	3	the	the	DET
absel-734	88	4	default	default	NOUN
absel-734	88	5	free	free	ADJ
absel-734	88	6	interest	interest	NOUN
absel-734	88	7	rate	rate	NOUN
absel-734	88	8	to	to	PART
absel-734	88	9	be	be	AUX
absel-734	88	10	uncertain	uncertain	ADJ
absel-734	88	11	and	and	CCONJ
absel-734	88	12	the	the	DET
absel-734	88	13	short	short	ADJ
absel-734	88	14	-	-	PUNCT
absel-734	88	15	term	term	NOUN
absel-734	88	16	rate	rate	NOUN
absel-734	88	17	is	be	AUX
absel-734	88	18	stochastic	stochastic	ADJ
absel-734	88	19	.	.	PUNCT
absel-734	89	1	this	this	DET
absel-734	89	2	assumption	assumption	NOUN
absel-734	89	3	specifically	specifically	ADV
absel-734	89	4	distinguishes	distinguish	VERB
absel-734	89	5	my	my	PRON
absel-734	89	6	analysis	analysis	NOUN
absel-734	89	7	from	from	ADP
absel-734	89	8	previous	previous	ADJ
absel-734	89	9	models	model	NOUN
absel-734	89	10	,	,	PUNCT
absel-734	89	11	which	which	PRON
absel-734	89	12	assume	assume	VERB
absel-734	89	13	a	a	DET
absel-734	89	14	fixed	fix	VERB
absel-734	89	15	risk	risk	NOUN
absel-734	89	16	free	free	ADJ
absel-734	89	17	interest	interest	NOUN
absel-734	89	18	rate	rate	NOUN
absel-734	89	19	.	.	PUNCT
absel-734	90	1	for	for	ADP
absel-734	90	2	simplicity	simplicity	NOUN
absel-734	90	3	,	,	PUNCT
absel-734	90	4	i	i	PRON
absel-734	90	5	assume	assume	VERB
absel-734	90	6	that	that	SCONJ
absel-734	90	7	the	the	DET
absel-734	90	8	default	default	NOUN
absel-734	90	9	free	free	ADJ
absel-734	90	10	rate	rate	NOUN
absel-734	90	11	varies	vary	VERB
absel-734	90	12	over	over	ADP
absel-734	90	13	the	the	DET
absel-734	90	14	life	life	NOUN
absel-734	90	15	of	of	ADP
absel-734	90	16	the	the	DET
absel-734	90	17	corporate	corporate	ADJ
absel-734	90	18	debt	debt	NOUN
absel-734	90	19	in	in	ADP
absel-734	90	20	such	such	DET
absel-734	90	21	a	a	DET
absel-734	90	22	way	way	NOUN
absel-734	90	23	that	that	SCONJ
absel-734	90	24	the	the	DET
absel-734	90	25	return	return	NOUN
absel-734	90	26	of	of	ADP
absel-734	90	27	a	a	DET
absel-734	90	28	default	default	NOUN
absel-734	90	29	free	free	ADJ
absel-734	90	30	discount	discount	NOUN
absel-734	90	31	bond	bond	NOUN
absel-734	90	32	can	can	AUX
absel-734	90	33	be	be	AUX
absel-734	90	34	expressed	express	VERB
absel-734	90	35	as	as	ADP
absel-734	90	36	an	an	DET
absel-734	90	37	ito	ito	PROPN
absel-734	90	38	’s	’s	PART
absel-734	90	39	process	process	NOUN
absel-734	90	40	as	as	SCONJ
absel-734	90	41	suggested	suggest	VERB
absel-734	90	42	by	by	ADP
absel-734	90	43	merton	merton	PROPN
absel-734	90	44	(	(	PUNCT
absel-734	90	45	1973	1973	NUM
absel-734	90	46	):	):	PUNCT
absel-734	90	47	db	db	PROPN
absel-734	90	48	/	/	SYM
absel-734	90	49	b(t	b(t	PROPN
absel-734	90	50	)	)	PUNCT
absel-734	91	1	=	=	SYM
absel-734	91	2	r	r	NOUN
absel-734	91	3	dt	dt	NOUN
absel-734	91	4	+	+	CCONJ
absel-734	91	5	σb	σb	X
absel-734	91	6	(	(	PUNCT
absel-734	91	7	t	t	PROPN
absel-734	91	8	)	)	PUNCT
absel-734	91	9	dzb(t	dzb(t	PROPN
absel-734	91	10	,	,	PUNCT
absel-734	91	11	t	t	PROPN
absel-734	91	12	)	)	PUNCT
absel-734	91	13	(	(	PUNCT
absel-734	91	14	1	1	NUM
absel-734	91	15	)	)	PUNCT
absel-734	91	16	σb(t	σb(t	PUNCT
absel-734	91	17	)	)	PUNCT
absel-734	91	18	is	be	AUX
absel-734	91	19	assumed	assume	VERB
absel-734	91	20	to	to	PART
absel-734	91	21	be	be	AUX
absel-734	91	22	constant	constant	ADJ
absel-734	91	23	.	.	PUNCT
absel-734	92	1	the	the	DET
absel-734	92	2	result	result	NOUN
absel-734	92	3	of	of	ADP
absel-734	92	4	this	this	DET
absel-734	92	5	assumption	assumption	NOUN
absel-734	92	6	is	be	AUX
absel-734	92	7	that	that	SCONJ
absel-734	92	8	the	the	DET
absel-734	92	9	investment	investment	NOUN
absel-734	92	10	in	in	ADP
absel-734	92	11	both	both	DET
absel-734	92	12	default	default	VERB
absel-734	92	13	free	free	ADJ
absel-734	92	14	bonds	bond	NOUN
absel-734	92	15	and	and	CCONJ
absel-734	92	16	default	default	NOUN
absel-734	92	17	risky	risky	ADJ
absel-734	92	18	bonds	bond	NOUN
absel-734	92	19	is	be	AUX
absel-734	92	20	subject	subject	ADJ
absel-734	92	21	to	to	ADP
absel-734	92	22	the	the	DET
absel-734	92	23	interest	interest	NOUN
absel-734	92	24	rate	rate	NOUN
absel-734	92	25	risk	risk	NOUN
absel-734	92	26	,	,	PUNCT
absel-734	92	27	i.e.	i.e.	X
absel-734	92	28	the	the	DET
absel-734	92	29	change	change	NOUN
absel-734	92	30	of	of	ADP
absel-734	92	31	market	market	NOUN
absel-734	92	32	interest	interest	NOUN
absel-734	92	33	rate	rate	NOUN
absel-734	92	34	.	.	PUNCT
absel-734	93	1	this	this	DET
absel-734	93	2	assumption	assumption	NOUN
absel-734	93	3	is	be	AUX
absel-734	93	4	more	more	ADV
absel-734	93	5	appropriate	appropriate	ADJ
absel-734	93	6	given	give	VERB
absel-734	93	7	the	the	DET
absel-734	93	8	actual	actual	ADJ
absel-734	93	9	market	market	NOUN
absel-734	93	10	environment	environment	NOUN
absel-734	93	11	and	and	CCONJ
absel-734	93	12	enables	enable	VERB
absel-734	93	13	the	the	DET
absel-734	93	14	model	model	NOUN
absel-734	93	15	to	to	PART
absel-734	93	16	depict	depict	VERB
absel-734	93	17	more	more	ADV
absel-734	93	18	explicitly	explicitly	ADV
absel-734	93	19	the	the	DET
absel-734	93	20	effect	effect	NOUN
absel-734	93	21	of	of	ADP
absel-734	93	22	default	default	NOUN
absel-734	93	23	risk	risk	NOUN
absel-734	93	24	.	.	PUNCT
absel-734	94	1	firm	firm	NOUN
absel-734	94	2	’s	’s	PART
absel-734	94	3	financial	financial	ADJ
absel-734	94	4	structure	structure	NOUN
absel-734	94	5	and	and	CCONJ
absel-734	94	6	payoff	payoff	NOUN
absel-734	94	7	conditions	condition	NOUN
absel-734	94	8	of	of	ADP
absel-734	94	9	firm	firm	NOUN
absel-734	94	10	’s	’s	PART
absel-734	94	11	liabilities	liability	NOUN
absel-734	94	12	a2	a2	PROPN
absel-734	94	13	.	.	PUNCT
absel-734	95	1	the	the	DET
absel-734	95	2	firm	firm	NOUN
absel-734	95	3	has	have	VERB
absel-734	95	4	only	only	ADV
absel-734	95	5	two	two	NUM
absel-734	95	6	classes	class	NOUN
absel-734	95	7	of	of	ADP
absel-734	95	8	claims	claim	NOUN
absel-734	95	9	:	:	PUNCT
absel-734	95	10	a	a	X
absel-734	95	11	)	)	PUNCT
absel-734	95	12	a	a	DET
absel-734	95	13	fixed	fix	VERB
absel-734	95	14	rate	rate	NOUN
absel-734	95	15	coupon	coupon	NOUN
absel-734	95	16	-	-	PUNCT
absel-734	95	17	paying	pay	VERB
absel-734	95	18	bond	bond	NOUN
absel-734	95	19	or	or	CCONJ
absel-734	95	20	a	a	DET
absel-734	95	21	floating	float	VERB
absel-734	95	22	rate	rate	NOUN
absel-734	95	23	note	note	NOUN
absel-734	95	24	;	;	PUNCT
absel-734	95	25	and	and	CCONJ
absel-734	95	26	b	b	X
absel-734	95	27	)	)	PUNCT
absel-734	95	28	the	the	DET
absel-734	95	29	residual	residual	ADJ
absel-734	95	30	claim	claim	NOUN
absel-734	95	31	,	,	PUNCT
absel-734	95	32	equity	equity	NOUN
absel-734	95	33	.	.	PUNCT
absel-734	95	34	a3	a3	PROPN
absel-734	95	35	.	.	PUNCT
absel-734	96	1	a	a	PRON
absel-734	96	2	)	)	PUNCT
absel-734	96	3	the	the	DET
absel-734	96	4	indenture	indenture	NOUN
absel-734	96	5	of	of	ADP
absel-734	96	6	the	the	DET
absel-734	96	7	bond	bond	NOUN
absel-734	96	8	issue	issue	NOUN
absel-734	96	9	contains	contain	VERB
absel-734	96	10	the	the	DET
absel-734	96	11	following	follow	VERB
absel-734	96	12	provisions	provision	NOUN
absel-734	96	13	and	and	CCONJ
absel-734	96	14	restrictions	restriction	NOUN
absel-734	96	15	:	:	PUNCT
absel-734	96	16	i	i	NOUN
absel-734	96	17	)	)	PUNCT
absel-734	96	18	in	in	ADP
absel-734	96	19	the	the	DET
absel-734	96	20	case	case	NOUN
absel-734	96	21	of	of	ADP
absel-734	96	22	fixed	fix	VERB
absel-734	96	23	rate	rate	NOUN
absel-734	96	24	coupon	coupon	NOUN
absel-734	96	25	paying	pay	VERB
absel-734	96	26	bonds	bond	NOUN
absel-734	96	27	,	,	PUNCT
absel-734	96	28	the	the	DET
absel-734	96	29	firm	firm	NOUN
absel-734	96	30	promises	promise	VERB
absel-734	96	31	to	to	PART
absel-734	96	32	pay	pay	VERB
absel-734	96	33	a	a	DET
absel-734	96	34	fixed	fix	VERB
absel-734	96	35	coupon	coupon	NOUN
absel-734	96	36	,	,	PUNCT
absel-734	96	37	xf	xf	PROPN
absel-734	96	38	,	,	PUNCT
absel-734	96	39	at	at	ADP
absel-734	96	40	the	the	DET
absel-734	96	41	end	end	NOUN
absel-734	96	42	of	of	ADP
absel-734	96	43	each	each	DET
absel-734	96	44	period	period	NOUN
absel-734	96	45	t	t	NOUN
absel-734	96	46	and	and	CCONJ
absel-734	96	47	the	the	DET
absel-734	96	48	coupon	coupon	NOUN
absel-734	96	49	and	and	CCONJ
absel-734	96	50	face	face	NOUN
absel-734	96	51	value	value	NOUN
absel-734	96	52	bf	bf	NOUN
absel-734	96	53	at	at	ADP
absel-734	96	54	the	the	DET
absel-734	96	55	bond	bond	NOUN
absel-734	96	56	’s	’s	PART
absel-734	96	57	maturity	maturity	NOUN
absel-734	96	58	date	date	NOUN
absel-734	96	59	,	,	PUNCT
absel-734	96	60	t	t	PROPN
absel-734	96	61	;	;	PUNCT
absel-734	96	62	and	and	CCONJ
absel-734	96	63	ii	ii	X
absel-734	96	64	)	)	PUNCT
absel-734	96	65	in	in	ADP
absel-734	96	66	the	the	DET
absel-734	96	67	case	case	NOUN
absel-734	96	68	of	of	ADP
absel-734	96	69	floating	float	VERB
absel-734	96	70	rate	rate	NOUN
absel-734	96	71	notes	note	NOUN
absel-734	96	72	,	,	PUNCT
absel-734	96	73	the	the	DET
absel-734	96	74	coupon	coupon	NOUN
absel-734	96	75	payment	payment	NOUN
absel-734	96	76	at	at	ADP
absel-734	96	77	each	each	DET
absel-734	96	78	period	period	NOUN
absel-734	96	79	t	t	PROPN
absel-734	96	80	will	will	AUX
absel-734	96	81	be	be	AUX
absel-734	96	82	xxt	xxt	PROPN
absel-734	96	83	=	=	SYM
absel-734	96	84	bf	bf	NOUN
absel-734	96	85	(	(	PUNCT
absel-734	96	86	rft-1	rft-1	X
absel-734	96	87	+	+	NUM
absel-734	96	88	mk	mk	NOUN
absel-734	96	89	)	)	PUNCT
absel-734	96	90	(	(	PUNCT
absel-734	96	91	2	2	X
absel-734	96	92	)	)	PUNCT
absel-734	96	93	where	where	SCONJ
absel-734	96	94	rft-1	rft-1	X
absel-734	96	95	is	be	AUX
absel-734	96	96	the	the	DET
absel-734	96	97	default	default	NOUN
absel-734	96	98	free	free	ADJ
absel-734	96	99	rate	rate	NOUN
absel-734	96	100	set	set	VERB
absel-734	96	101	one	one	NUM
absel-734	96	102	period	period	NOUN
absel-734	96	103	before	before	ADP
absel-734	96	104	the	the	DET
absel-734	96	105	coupon	coupon	NOUN
absel-734	96	106	payment	payment	NOUN
absel-734	96	107	date	date	NOUN
absel-734	96	108	;	;	PUNCT
absel-734	96	109	mk	mk	PROPN
absel-734	96	110	is	be	AUX
absel-734	96	111	the	the	DET
absel-734	96	112	credit	credit	NOUN
absel-734	96	113	risk	risk	NOUN
absel-734	96	114	premium	premium	NOUN
absel-734	96	115	a	a	DET
absel-734	96	116	default	default	NOUN
absel-734	96	117	risky	risky	ADJ
absel-734	96	118	frn	frn	PROPN
absel-734	96	119	must	must	AUX
absel-734	96	120	pay	pay	VERB
absel-734	96	121	over	over	ADP
absel-734	96	122	a	a	DET
absel-734	96	123	default	default	NOUN
absel-734	96	124	free	free	ADJ
absel-734	96	125	frn	frn	PROPN
absel-734	96	126	and	and	CCONJ
absel-734	96	127	is	be	AUX
absel-734	96	128	assumed	assume	VERB
absel-734	96	129	to	to	PART
absel-734	96	130	be	be	AUX
absel-734	96	131	fixed	fix	VERB
absel-734	96	132	.	.	PUNCT
absel-734	97	1	it	it	PRON
absel-734	97	2	is	be	AUX
absel-734	97	3	a	a	DET
absel-734	97	4	common	common	ADJ
absel-734	97	5	market	market	NOUN
absel-734	97	6	practice	practice	NOUN
absel-734	97	7	of	of	ADP
absel-734	97	8	setting	set	VERB
absel-734	97	9	periodic	periodic	ADJ
absel-734	97	10	interest	interest	NOUN
absel-734	97	11	payments	payment	NOUN
absel-734	97	12	for	for	ADP
absel-734	97	13	floating	float	VERB
absel-734	97	14	rate	rate	NOUN
absel-734	97	15	notes	note	NOUN
absel-734	97	16	.	.	PUNCT
absel-734	98	1	b	b	X
absel-734	98	2	)	)	PUNCT
absel-734	98	3	in	in	ADP
absel-734	98	4	the	the	DET
absel-734	98	5	event	event	NOUN
absel-734	98	6	of	of	ADP
absel-734	98	7	any	any	DET
absel-734	98	8	payment	payment	NOUN
absel-734	98	9	not	not	PART
absel-734	98	10	being	be	AUX
absel-734	98	11	met	meet	VERB
absel-734	98	12	,	,	PUNCT
absel-734	98	13	the	the	DET
absel-734	98	14	bondholders	bondholder	NOUN
absel-734	98	15	immediately	immediately	ADV
absel-734	98	16	take	take	VERB
absel-734	98	17	over	over	ADP
absel-734	98	18	the	the	DET
absel-734	98	19	firm	firm	NOUN
absel-734	98	20	and	and	CCONJ
absel-734	98	21	the	the	DET
absel-734	98	22	shareholders	shareholder	NOUN
absel-734	98	23	receive	receive	VERB
absel-734	98	24	nothing	nothing	PRON
absel-734	98	25	.	.	PUNCT
absel-734	99	1	however	however	ADV
absel-734	99	2	,	,	PUNCT
absel-734	99	3	the	the	DET
absel-734	99	4	firm	firm	NOUN
absel-734	99	5	is	be	AUX
absel-734	99	6	limited	limited	ADJ
absel-734	99	7	liability	liability	NOUN
absel-734	99	8	and	and	CCONJ
absel-734	99	9	the	the	DET
absel-734	99	10	shareholders	shareholder	NOUN
absel-734	99	11	need	need	AUX
absel-734	99	12	not	not	PART
absel-734	99	13	compensate	compensate	VERB
absel-734	99	14	for	for	ADP
absel-734	99	15	the	the	DET
absel-734	99	16	deficiency	deficiency	NOUN
absel-734	99	17	of	of	ADP
absel-734	99	18	asset	asset	NOUN
absel-734	99	19	value	value	NOUN
absel-734	99	20	and	and	CCONJ
absel-734	99	21	debt	debt	NOUN
absel-734	99	22	;	;	PUNCT
absel-734	99	23	c	c	X
absel-734	99	24	)	)	PUNCT
absel-734	99	25	the	the	DET
absel-734	99	26	firm	firm	NOUN
absel-734	99	27	can	can	AUX
absel-734	99	28	not	not	PART
absel-734	99	29	issue	issue	VERB
absel-734	99	30	any	any	DET
absel-734	99	31	new	new	ADJ
absel-734	99	32	senior	senior	ADJ
absel-734	99	33	(	(	PUNCT
absel-734	99	34	or	or	CCONJ
absel-734	99	35	of	of	ADP
absel-734	99	36	equivalent	equivalent	ADJ
absel-734	99	37	rank	rank	NOUN
absel-734	99	38	)	)	PUNCT
absel-734	99	39	claims	claim	NOUN
absel-734	99	40	on	on	ADP
absel-734	99	41	the	the	DET
absel-734	99	42	firm	firm	NOUN
absel-734	99	43	nor	nor	CCONJ
absel-734	99	44	can	can	AUX
absel-734	99	45	it	it	PRON
absel-734	99	46	pay	pay	VERB
absel-734	99	47	cash	cash	NOUN
absel-734	99	48	dividends	dividend	NOUN
absel-734	99	49	or	or	CCONJ
absel-734	99	50	do	do	AUX
absel-734	99	51	share	share	NOUN
absel-734	99	52	repurchase	repurchase	VERB
absel-734	99	53	throughout	throughout	ADP
absel-734	99	54	the	the	DET
absel-734	99	55	life	life	NOUN
absel-734	99	56	of	of	ADP
absel-734	99	57	the	the	DET
absel-734	99	58	debt	debt	NOUN
absel-734	99	59	;	;	PUNCT
absel-734	99	60	d	d	X
absel-734	99	61	)	)	PUNCT
absel-734	99	62	the	the	DET
absel-734	99	63	firm	firm	NOUN
absel-734	99	64	finances	finance	VERB
absel-734	99	65	the	the	DET
absel-734	99	66	debt	debt	NOUN
absel-734	99	67	payments	payment	NOUN
absel-734	99	68	by	by	ADP
absel-734	99	69	selling	sell	VERB
absel-734	99	70	its	its	PRON
absel-734	99	71	assets	asset	NOUN
absel-734	99	72	.	.	PUNCT
absel-734	100	1	a4	a4	NOUN
absel-734	100	2	.	.	PUNCT
absel-734	101	1	the	the	DET
absel-734	101	2	value	value	NOUN
absel-734	101	3	of	of	ADP
absel-734	101	4	the	the	DET
absel-734	101	5	firm	firm	NOUN
absel-734	101	6	’s	’s	PART
absel-734	101	7	assets	asset	NOUN
absel-734	101	8	,	,	PUNCT
absel-734	101	9	v	v	NOUN
absel-734	101	10	,	,	PUNCT
absel-734	101	11	follows	follow	VERB
absel-734	101	12	the	the	DET
absel-734	101	13	ito	ito	PROPN
absel-734	101	14	’s	’s	PART
absel-734	101	15	process	process	NOUN
absel-734	101	16	:	:	PUNCT
absel-734	101	17	dv	dv	PROPN
absel-734	101	18	/	/	SYM
absel-734	101	19	v(t	v(t	PROPN
absel-734	101	20	)	)	PUNCT
absel-734	101	21	=	=	SYM
absel-734	102	1	rv	rv	NOUN
absel-734	102	2	dt	dt	X
absel-734	103	1	+	+	CCONJ
absel-734	103	2	σv	σv	PROPN
absel-734	103	3	dzv	dzv	PROPN
absel-734	103	4	(	(	PUNCT
absel-734	103	5	3	3	NUM
absel-734	103	6	)	)	PUNCT
absel-734	103	7	for	for	ADP
absel-734	103	8	simplicity	simplicity	NOUN
absel-734	103	9	,	,	PUNCT
absel-734	103	10	i	i	PRON
absel-734	103	11	assume	assume	VERB
absel-734	103	12	that	that	SCONJ
absel-734	103	13	there	there	PRON
absel-734	103	14	is	be	VERB
absel-734	103	15	no	no	DET
absel-734	103	16	correlation	correlation	NOUN
absel-734	103	17	between	between	ADP
absel-734	103	18	the	the	DET
absel-734	103	19	firm	firm	NOUN
absel-734	103	20	’s	’s	PART
absel-734	103	21	assets	asset	NOUN
absel-734	103	22	value	value	NOUN
absel-734	103	23	and	and	CCONJ
absel-734	103	24	the	the	DET
absel-734	103	25	default	default	NOUN
absel-734	103	26	free	free	ADJ
absel-734	103	27	rate	rate	NOUN
absel-734	103	28	,	,	PUNCT
absel-734	103	29	i.e.	i.e.	X
absel-734	103	30	dzv	dzv	NOUN
absel-734	103	31	and	and	CCONJ
absel-734	103	32	dzb	dzb	NOUN
absel-734	103	33	are	be	AUX
absel-734	103	34	independent	independent	ADJ
absel-734	103	35	.	.	PUNCT
absel-734	104	1	given	give	VERB
absel-734	104	2	these	these	DET
absel-734	104	3	assumptions	assumption	NOUN
absel-734	104	4	and	and	CCONJ
absel-734	104	5	payoff	payoff	NOUN
absel-734	104	6	conditions	condition	NOUN
absel-734	104	7	,	,	PUNCT
absel-734	104	8	the	the	DET
absel-734	104	9	firm	firm	NOUN
absel-734	104	10	’s	’s	PART
absel-734	104	11	liabilities	liability	NOUN
absel-734	104	12	can	can	AUX
absel-734	104	13	be	be	AUX
absel-734	104	14	depicted	depict	VERB
absel-734	104	15	as	as	ADP
absel-734	104	16	contingent	contingent	ADJ
absel-734	104	17	claims	claim	NOUN
absel-734	104	18	on	on	ADP
absel-734	104	19	the	the	DET
absel-734	104	20	firm	firm	NOUN
absel-734	104	21	’s	’s	PART
absel-734	104	22	assets	asset	NOUN
absel-734	104	23	.	.	PUNCT
absel-734	105	1	for	for	ADP
absel-734	105	2	a	a	DET
absel-734	105	3	firm	firm	NOUN
absel-734	105	4	with	with	ADP
absel-734	105	5	a	a	DET
absel-734	105	6	fixed	fix	VERB
absel-734	105	7	coupon	coupon	NOUN
absel-734	105	8	bond	bond	NOUN
absel-734	105	9	outstanding	outstanding	ADJ
absel-734	105	10	,	,	PUNCT
absel-734	105	11	the	the	DET
absel-734	105	12	payoffs	payoff	NOUN
absel-734	105	13	of	of	ADP
absel-734	105	14	the	the	DET
absel-734	105	15	firm	firm	NOUN
absel-734	105	16	’s	’s	PART
absel-734	105	17	liabilities	liability	NOUN
absel-734	105	18	will	will	AUX
absel-734	105	19	be	be	AUX
absel-734	105	20	as	as	SCONJ
absel-734	105	21	follows	follow	VERB
absel-734	105	22	:	:	PUNCT
absel-734	105	23	for	for	ADP
absel-734	105	24	t	t	NOUN
absel-734	105	25	=	=	SYM
absel-734	105	26	1	1	NUM
absel-734	105	27	to	to	ADP
absel-734	105	28	t	t	PROPN
absel-734	105	29	–	–	PUNCT
absel-734	105	30	1	1	NUM
absel-734	105	31	;	;	PUNCT
absel-734	105	32	262	262	NUM
absel-734	105	33	developments	development	NOUN
absel-734	105	34	in	in	ADP
absel-734	105	35	business	business	NOUN
absel-734	105	36	simulation	simulation	NOUN
absel-734	105	37	and	and	CCONJ
absel-734	105	38	experiential	experiential	ADJ
absel-734	105	39	learning	learning	NOUN
absel-734	105	40	,	,	PUNCT
absel-734	105	41	volume	volume	NOUN
absel-734	105	42	30	30	NUM
absel-734	105	43	,	,	PUNCT
absel-734	105	44	2003	2003	NUM
absel-734	105	45	if	if	SCONJ
absel-734	105	46	vt	vt	PROPN
absel-734	105	47	>	>	X
absel-734	105	48	xf	xf	PROPN
absel-734	105	49	dt	dt	PROPN
absel-734	106	1	=	=	PROPN
absel-734	106	2	xf	xf	PROPN
absel-734	106	3	(	(	PUNCT
absel-734	106	4	4	4	NUM
absel-734	106	5	)	)	PUNCT
absel-734	106	6	et	et	NOUN
absel-734	106	7	=	=	SYM
absel-734	106	8	vt	vt	PROPN
absel-734	106	9	–	–	PUNCT
absel-734	106	10	xf	xf	PROPN
absel-734	106	11	(	(	PUNCT
absel-734	106	12	5	5	NUM
absel-734	106	13	)	)	PUNCT
absel-734	106	14	the	the	DET
absel-734	106	15	firm	firm	NOUN
absel-734	106	16	is	be	AUX
absel-734	106	17	solvent	solvent	ADJ
absel-734	106	18	and	and	CCONJ
absel-734	106	19	will	will	AUX
absel-734	106	20	go	go	VERB
absel-734	106	21	on	on	ADP
absel-734	106	22	to	to	ADP
absel-734	106	23	another	another	DET
absel-734	106	24	period	period	NOUN
absel-734	106	25	t	t	NOUN
absel-734	107	1	+	+	NOUN
absel-734	107	2	1	1	X
absel-734	107	3	.	.	PUNCT
absel-734	108	1	if	if	SCONJ
absel-734	108	2	vt	vt	PROPN
absel-734	108	3	<	<	X
absel-734	108	4	xf	xf	PROPN
absel-734	108	5	dt	dt	PROPN
absel-734	109	1	=	=	PROPN
absel-734	109	2	vt	vt	PROPN
absel-734	109	3	(	(	PUNCT
absel-734	109	4	6	6	NUM
absel-734	109	5	)	)	PUNCT
absel-734	109	6	et	et	NOUN
absel-734	109	7	=	=	SYM
absel-734	109	8	0	0	PUNCT
absel-734	109	9	(	(	PUNCT
absel-734	109	10	7	7	X
absel-734	109	11	)	)	PUNCT
absel-734	109	12	the	the	DET
absel-734	109	13	firm	firm	NOUN
absel-734	109	14	is	be	AUX
absel-734	109	15	insolvent	insolvent	ADJ
absel-734	109	16	,	,	PUNCT
absel-734	109	17	dissolved	dissolve	VERB
absel-734	109	18	and	and	CCONJ
absel-734	109	19	taken	take	VERB
absel-734	109	20	over	over	ADP
absel-734	109	21	by	by	ADP
absel-734	109	22	the	the	DET
absel-734	109	23	debtholders	debtholder	NOUN
absel-734	109	24	.	.	PUNCT
absel-734	110	1	on	on	ADP
absel-734	110	2	the	the	DET
absel-734	110	3	debt	debt	NOUN
absel-734	110	4	maturity	maturity	NOUN
absel-734	110	5	date	date	NOUN
absel-734	110	6	,	,	PUNCT
absel-734	110	7	the	the	DET
absel-734	110	8	debt	debt	NOUN
absel-734	110	9	service	service	NOUN
absel-734	110	10	payment	payment	NOUN
absel-734	110	11	due	due	ADJ
absel-734	110	12	will	will	AUX
absel-734	110	13	be	be	AUX
absel-734	110	14	xf	xf	PROPN
absel-734	110	15	+	+	PROPN
absel-734	110	16	bf	bf	NOUN
absel-734	110	17	.	.	PUNCT
absel-734	111	1	the	the	DET
absel-734	111	2	payoffs	payoff	NOUN
absel-734	111	3	of	of	ADP
absel-734	111	4	the	the	DET
absel-734	111	5	firm	firm	NOUN
absel-734	111	6	’s	’s	PART
absel-734	111	7	liabilities	liability	NOUN
absel-734	111	8	will	will	AUX
absel-734	111	9	be	be	AUX
absel-734	111	10	:	:	PUNCT
absel-734	111	11	for	for	ADP
absel-734	111	12	t	t	PROPN
absel-734	111	13	=	=	SYM
absel-734	111	14	t	t	PROPN
absel-734	111	15	;	;	PUNCT
absel-734	111	16	if	if	SCONJ
absel-734	111	17	vt	vt	PROPN
absel-734	111	18	>	>	X
absel-734	111	19	xf	xf	PROPN
absel-734	112	1	+	+	PROPN
absel-734	112	2	bf	bf	INTJ
absel-734	112	3	dt	dt	NOUN
absel-734	113	1	=	=	PUNCT
absel-734	113	2	xf	xf	PROPN
absel-734	114	1	+	+	PROPN
absel-734	114	2	bf	bf	PROPN
absel-734	114	3	(	(	PUNCT
absel-734	114	4	8)	8)	NUM
absel-734	114	5	et	et	NOUN
absel-734	114	6	=	=	SYM
absel-734	114	7	vt	vt	PROPN
absel-734	114	8	–	–	PUNCT
absel-734	114	9	(	(	PUNCT
absel-734	114	10	xf	xf	PROPN
absel-734	114	11	+	+	PROPN
absel-734	114	12	bf	bf	NOUN
absel-734	114	13	)	)	PUNCT
absel-734	114	14	(	(	PUNCT
absel-734	114	15	9	9	X
absel-734	114	16	)	)	PUNCT
absel-734	114	17	et	et	NOUN
absel-734	114	18	=	=	SYM
absel-734	114	19	vt	vt	PROPN
absel-734	114	20	–	–	PUNCT
absel-734	114	21	(	(	PUNCT
absel-734	114	22	xf	xf	PROPN
absel-734	114	23	+	+	PROPN
absel-734	114	24	bf	bf	NOUN
absel-734	114	25	)	)	PUNCT
absel-734	114	26	(	(	PUNCT
absel-734	114	27	9	9	X
absel-734	114	28	)	)	PUNCT
absel-734	114	29	if	if	SCONJ
absel-734	114	30	vt	vt	PROPN
absel-734	114	31	<	<	X
absel-734	114	32	xf	xf	PROPN
absel-734	115	1	+	+	PROPN
absel-734	115	2	bf	bf	INTJ
absel-734	115	3	dt	dt	NOUN
absel-734	116	1	=	=	SYM
absel-734	116	2	vt	vt	PROPN
absel-734	116	3	(	(	PUNCT
absel-734	116	4	10	10	NUM
absel-734	116	5	)	)	PUNCT
absel-734	116	6	if	if	SCONJ
absel-734	116	7	vt	vt	PROPN
absel-734	116	8	<	<	X
absel-734	116	9	xf	xf	PROPN
absel-734	117	1	+	+	PROPN
absel-734	117	2	bf	bf	INTJ
absel-734	117	3	dt	dt	NOUN
absel-734	118	1	=	=	SYM
absel-734	118	2	vt	vt	PROPN
absel-734	118	3	(	(	PUNCT
absel-734	118	4	10	10	NUM
absel-734	118	5	)	)	PUNCT
absel-734	118	6	et	et	NOUN
absel-734	119	1	=	=	SYM
absel-734	119	2	0	0	PUNCT
absel-734	119	3	(	(	PUNCT
absel-734	119	4	11	11	NUM
absel-734	119	5	)	)	PUNCT
absel-734	119	6	et	et	NOUN
absel-734	119	7	=	=	SYM
absel-734	119	8	0	0	PUNCT
absel-734	119	9	(	(	PUNCT
absel-734	119	10	11	11	NUM
absel-734	119	11	)	)	PUNCT
absel-734	119	12	i	i	PRON
absel-734	119	13	start	start	VERB
absel-734	119	14	my	my	PRON
absel-734	119	15	valuation	valuation	NOUN
absel-734	119	16	analysis	analysis	NOUN
absel-734	119	17	of	of	ADP
absel-734	119	18	fixed	fix	VERB
absel-734	119	19	rate	rate	NOUN
absel-734	119	20	coupon	coupon	NOUN
absel-734	119	21	bonds	bond	NOUN
absel-734	119	22	with	with	ADP
absel-734	119	23	a	a	DET
absel-734	119	24	two	two	NUM
absel-734	119	25	-	-	PUNCT
absel-734	119	26	period	period	NOUN
absel-734	119	27	model	model	NOUN
absel-734	119	28	.	.	PUNCT
absel-734	120	1	the	the	DET
absel-734	120	2	two	two	NUM
absel-734	120	3	-	-	PUNCT
absel-734	120	4	period	period	NOUN
absel-734	120	5	model	model	NOUN
absel-734	120	6	is	be	AUX
absel-734	120	7	used	use	VERB
absel-734	120	8	to	to	PART
absel-734	120	9	describe	describe	VERB
absel-734	120	10	in	in	ADP
absel-734	120	11	a	a	DET
absel-734	120	12	simple	simple	ADJ
absel-734	120	13	way	way	NOUN
absel-734	120	14	the	the	DET
absel-734	120	15	essential	essential	ADJ
absel-734	120	16	theoretical	theoretical	ADJ
absel-734	120	17	arguments	argument	NOUN
absel-734	120	18	.	.	PUNCT
absel-734	121	1	i	i	PRON
absel-734	121	2	show	show	VERB
absel-734	121	3	later	later	ADV
absel-734	121	4	that	that	SCONJ
absel-734	121	5	my	my	PRON
absel-734	121	6	analysis	analysis	NOUN
absel-734	121	7	can	can	AUX
absel-734	121	8	be	be	AUX
absel-734	121	9	extended	extend	VERB
absel-734	121	10	to	to	ADP
absel-734	121	11	a	a	DET
absel-734	121	12	t	t	NOUN
absel-734	121	13	-	-	PUNCT
absel-734	121	14	period	period	NOUN
absel-734	121	15	model	model	NOUN
absel-734	121	16	by	by	ADP
absel-734	121	17	a	a	DET
absel-734	121	18	process	process	NOUN
absel-734	121	19	of	of	ADP
absel-734	121	20	induction	induction	NOUN
absel-734	121	21	and	and	CCONJ
absel-734	121	22	the	the	DET
absel-734	121	23	values	value	NOUN
absel-734	121	24	of	of	ADP
absel-734	121	25	fixed	fix	VERB
absel-734	121	26	coupon	coupon	NOUN
absel-734	121	27	rates	rate	NOUN
absel-734	121	28	can	can	AUX
absel-734	121	29	be	be	AUX
absel-734	121	30	obtained	obtain	VERB
absel-734	121	31	through	through	ADP
absel-734	121	32	a	a	DET
absel-734	121	33	simulation	simulation	NOUN
absel-734	121	34	model	model	NOUN
absel-734	121	35	.	.	PUNCT
absel-734	122	1	given	give	VERB
absel-734	122	2	the	the	DET
absel-734	122	3	payoff	payoff	NOUN
absel-734	122	4	conditions	condition	NOUN
absel-734	122	5	of	of	ADP
absel-734	122	6	debt	debt	NOUN
absel-734	122	7	stated	state	VERB
absel-734	122	8	above	above	ADV
absel-734	122	9	,	,	PUNCT
absel-734	122	10	the	the	DET
absel-734	122	11	value	value	NOUN
absel-734	122	12	of	of	ADP
absel-734	122	13	debt	debt	NOUN
absel-734	122	14	and	and	CCONJ
absel-734	122	15	equity	equity	NOUN
absel-734	122	16	in	in	ADP
absel-734	122	17	the	the	DET
absel-734	122	18	two	two	NUM
absel-734	122	19	periods	period	NOUN
absel-734	122	20	can	can	AUX
absel-734	122	21	be	be	AUX
absel-734	122	22	written	write	VERB
absel-734	122	23	as	as	ADP
absel-734	122	24	:	:	PUNCT
absel-734	122	25	i	i	PRON
absel-734	122	26	start	start	VERB
absel-734	122	27	my	my	PRON
absel-734	122	28	valuation	valuation	NOUN
absel-734	122	29	analysis	analysis	NOUN
absel-734	122	30	of	of	ADP
absel-734	122	31	fixed	fix	VERB
absel-734	122	32	rate	rate	NOUN
absel-734	122	33	coupon	coupon	NOUN
absel-734	122	34	bonds	bond	NOUN
absel-734	122	35	with	with	ADP
absel-734	122	36	a	a	DET
absel-734	122	37	two	two	NUM
absel-734	122	38	-	-	PUNCT
absel-734	122	39	period	period	NOUN
absel-734	122	40	model	model	NOUN
absel-734	122	41	.	.	PUNCT
absel-734	123	1	the	the	DET
absel-734	123	2	two	two	NUM
absel-734	123	3	-	-	PUNCT
absel-734	123	4	period	period	NOUN
absel-734	123	5	model	model	NOUN
absel-734	123	6	is	be	AUX
absel-734	123	7	used	use	VERB
absel-734	123	8	to	to	PART
absel-734	123	9	describe	describe	VERB
absel-734	123	10	in	in	ADP
absel-734	123	11	a	a	DET
absel-734	123	12	simple	simple	ADJ
absel-734	123	13	way	way	NOUN
absel-734	123	14	the	the	DET
absel-734	123	15	essential	essential	ADJ
absel-734	123	16	theoretical	theoretical	ADJ
absel-734	123	17	arguments	argument	NOUN
absel-734	123	18	.	.	PUNCT
absel-734	124	1	i	i	PRON
absel-734	124	2	show	show	VERB
absel-734	124	3	later	later	ADV
absel-734	124	4	that	that	SCONJ
absel-734	124	5	my	my	PRON
absel-734	124	6	analysis	analysis	NOUN
absel-734	124	7	can	can	AUX
absel-734	124	8	be	be	AUX
absel-734	124	9	extended	extend	VERB
absel-734	124	10	to	to	ADP
absel-734	124	11	a	a	DET
absel-734	124	12	t	t	NOUN
absel-734	124	13	-	-	PUNCT
absel-734	124	14	period	period	NOUN
absel-734	124	15	model	model	NOUN
absel-734	124	16	by	by	ADP
absel-734	124	17	a	a	DET
absel-734	124	18	process	process	NOUN
absel-734	124	19	of	of	ADP
absel-734	124	20	induction	induction	NOUN
absel-734	124	21	and	and	CCONJ
absel-734	124	22	the	the	DET
absel-734	124	23	values	value	NOUN
absel-734	124	24	of	of	ADP
absel-734	124	25	fixed	fix	VERB
absel-734	124	26	coupon	coupon	NOUN
absel-734	124	27	rates	rate	NOUN
absel-734	124	28	can	can	AUX
absel-734	124	29	be	be	AUX
absel-734	124	30	obtained	obtain	VERB
absel-734	124	31	through	through	ADP
absel-734	124	32	a	a	DET
absel-734	124	33	simulation	simulation	NOUN
absel-734	124	34	model	model	NOUN
absel-734	124	35	.	.	PUNCT
absel-734	125	1	given	give	VERB
absel-734	125	2	the	the	DET
absel-734	125	3	payoff	payoff	NOUN
absel-734	125	4	conditions	condition	NOUN
absel-734	125	5	of	of	ADP
absel-734	125	6	debt	debt	NOUN
absel-734	125	7	stated	state	VERB
absel-734	125	8	above	above	ADV
absel-734	125	9	,	,	PUNCT
absel-734	125	10	the	the	DET
absel-734	125	11	value	value	NOUN
absel-734	125	12	of	of	ADP
absel-734	125	13	debt	debt	NOUN
absel-734	125	14	and	and	CCONJ
absel-734	125	15	equity	equity	NOUN
absel-734	125	16	in	in	ADP
absel-734	125	17	the	the	DET
absel-734	125	18	two	two	NUM
absel-734	125	19	periods	period	NOUN
absel-734	125	20	can	can	AUX
absel-734	125	21	be	be	AUX
absel-734	125	22	written	write	VERB
absel-734	125	23	as	as	ADP
absel-734	125	24	:	:	PUNCT
absel-734	125	25	period	period	NOUN
absel-734	125	26	1	1	NUM
absel-734	125	27	,	,	PUNCT
absel-734	125	28	t	t	NOUN
absel-734	125	29	=	=	SYM
absel-734	125	30	1	1	NUM
absel-734	125	31	.	.	NOUN
absel-734	125	32	period	period	NOUN
absel-734	125	33	1	1	NUM
absel-734	125	34	,	,	PUNCT
absel-734	125	35	t	t	NOUN
absel-734	125	36	=	=	SYM
absel-734	125	37	1	1	X
absel-734	125	38	.	.	X
absel-734	125	39	d1	d1	PROPN
absel-734	125	40	=	=	SYM
absel-734	125	41	min	min	PROPN
absel-734	125	42	(	(	PUNCT
absel-734	125	43	v1	v1	PROPN
absel-734	125	44	,	,	PUNCT
absel-734	125	45	xf	xf	PROPN
absel-734	125	46	)	)	PUNCT
absel-734	125	47	(	(	PUNCT
absel-734	125	48	12	12	NUM
absel-734	125	49	)	)	PUNCT
absel-734	125	50	d1	d1	NOUN
absel-734	125	51	=	=	SYM
absel-734	125	52	min	min	PROPN
absel-734	125	53	(	(	PUNCT
absel-734	125	54	v1	v1	PROPN
absel-734	125	55	,	,	PUNCT
absel-734	125	56	xf	xf	PROPN
absel-734	125	57	)	)	PUNCT
absel-734	125	58	(	(	PUNCT
absel-734	125	59	12	12	NUM
absel-734	125	60	)	)	PUNCT
absel-734	125	61	e1	e1	NOUN
absel-734	125	62	=	=	SYM
absel-734	125	63	max	max	PROPN
absel-734	125	64	(	(	PUNCT
absel-734	125	65	v1	v1	NOUN
absel-734	125	66	xf	xf	PROPN
absel-734	125	67	,	,	PUNCT
absel-734	125	68	0	0	NUM
absel-734	125	69	)	)	PUNCT
absel-734	125	70	(	(	PUNCT
absel-734	125	71	13	13	NUM
absel-734	125	72	)	)	PUNCT
absel-734	125	73	e1	e1	NOUN
absel-734	125	74	=	=	SYM
absel-734	125	75	max	max	PROPN
absel-734	125	76	(	(	PUNCT
absel-734	125	77	v1	v1	NOUN
absel-734	125	78	xf	xf	PROPN
absel-734	125	79	,	,	PUNCT
absel-734	125	80	0	0	NUM
absel-734	125	81	)	)	PUNCT
absel-734	125	82	(	(	PUNCT
absel-734	125	83	13	13	NUM
absel-734	125	84	)	)	PUNCT
absel-734	125	85	period	period	NOUN
absel-734	125	86	2	2	NUM
absel-734	125	87	,	,	PUNCT
absel-734	125	88	t	t	NOUN
absel-734	125	89	=	=	SYM
absel-734	125	90	2	2	NUM
absel-734	125	91	.	.	NOUN
absel-734	125	92	period	period	NOUN
absel-734	125	93	2	2	NUM
absel-734	125	94	,	,	PUNCT
absel-734	125	95	t	t	NOUN
absel-734	125	96	=	=	SYM
absel-734	125	97	2	2	X
absel-734	125	98	.	.	PUNCT
absel-734	126	1	it	it	PRON
absel-734	126	2	is	be	AUX
absel-734	126	3	important	important	ADJ
absel-734	126	4	to	to	PART
absel-734	126	5	note	note	VERB
absel-734	126	6	that	that	SCONJ
absel-734	126	7	the	the	DET
absel-734	126	8	value	value	NOUN
absel-734	126	9	of	of	ADP
absel-734	126	10	debt	debt	NOUN
absel-734	126	11	and	and	CCONJ
absel-734	126	12	equity	equity	NOUN
absel-734	126	13	in	in	ADP
absel-734	126	14	period	period	NOUN
absel-734	126	15	2	2	NUM
absel-734	126	16	is	be	AUX
absel-734	126	17	based	base	VERB
absel-734	126	18	on	on	ADP
absel-734	126	19	the	the	DET
absel-734	126	20	condition	condition	NOUN
absel-734	126	21	that	that	SCONJ
absel-734	126	22	the	the	DET
absel-734	126	23	firm	firm	NOUN
absel-734	126	24	is	be	AUX
absel-734	126	25	solvent	solvent	ADJ
absel-734	126	26	in	in	ADP
absel-734	126	27	period	period	NOUN
absel-734	126	28	1	1	NUM
absel-734	126	29	,	,	PUNCT
absel-734	126	30	i.e.	i.e.	X
absel-734	126	31	v1	v1	NOUN
absel-734	126	32	>	>	X
absel-734	126	33	xf	xf	PROPN
absel-734	126	34	.	.	PROPN
absel-734	127	1	if	if	SCONJ
absel-734	127	2	not	not	PART
absel-734	127	3	,	,	PUNCT
absel-734	127	4	the	the	DET
absel-734	127	5	firm	firm	NOUN
absel-734	127	6	will	will	AUX
absel-734	127	7	be	be	AUX
absel-734	127	8	wound	wind	VERB
absel-734	127	9	up	up	ADP
absel-734	127	10	by	by	ADP
absel-734	127	11	the	the	DET
absel-734	127	12	bondholders	bondholder	NOUN
absel-734	127	13	and	and	CCONJ
absel-734	127	14	cease	cease	VERB
absel-734	127	15	to	to	PART
absel-734	127	16	exist	exist	VERB
absel-734	127	17	after	after	ADP
absel-734	127	18	period	period	NOUN
absel-734	127	19	1	1	NUM
absel-734	127	20	.	.	PUNCT
absel-734	128	1	it	it	PRON
absel-734	128	2	is	be	AUX
absel-734	128	3	important	important	ADJ
absel-734	128	4	to	to	PART
absel-734	128	5	note	note	VERB
absel-734	128	6	that	that	SCONJ
absel-734	128	7	the	the	DET
absel-734	128	8	value	value	NOUN
absel-734	128	9	of	of	ADP
absel-734	128	10	debt	debt	NOUN
absel-734	128	11	and	and	CCONJ
absel-734	128	12	equity	equity	NOUN
absel-734	128	13	in	in	ADP
absel-734	128	14	period	period	NOUN
absel-734	128	15	2	2	NUM
absel-734	128	16	is	be	AUX
absel-734	128	17	based	base	VERB
absel-734	128	18	on	on	ADP
absel-734	128	19	the	the	DET
absel-734	128	20	condition	condition	NOUN
absel-734	128	21	that	that	SCONJ
absel-734	128	22	the	the	DET
absel-734	128	23	firm	firm	NOUN
absel-734	128	24	is	be	AUX
absel-734	128	25	solvent	solvent	ADJ
absel-734	128	26	in	in	ADP
absel-734	128	27	period	period	NOUN
absel-734	128	28	1	1	NUM
absel-734	128	29	,	,	PUNCT
absel-734	128	30	i.e.	i.e.	X
absel-734	128	31	v1	v1	NOUN
absel-734	128	32	>	>	X
absel-734	128	33	xf	xf	PROPN
absel-734	128	34	.	.	PROPN
absel-734	129	1	if	if	SCONJ
absel-734	129	2	not	not	PART
absel-734	129	3	,	,	PUNCT
absel-734	129	4	the	the	DET
absel-734	129	5	firm	firm	NOUN
absel-734	129	6	will	will	AUX
absel-734	129	7	be	be	AUX
absel-734	129	8	wound	wind	VERB
absel-734	129	9	up	up	ADP
absel-734	129	10	by	by	ADP
absel-734	129	11	the	the	DET
absel-734	129	12	bondholders	bondholder	NOUN
absel-734	129	13	and	and	CCONJ
absel-734	129	14	cease	cease	VERB
absel-734	129	15	to	to	PART
absel-734	129	16	exist	exist	VERB
absel-734	129	17	after	after	ADP
absel-734	129	18	period	period	NOUN
absel-734	129	19	1	1	NUM
absel-734	129	20	.	.	PUNCT
absel-734	130	1	conditional	conditional	ADJ
absel-734	130	2	upon	upon	SCONJ
absel-734	130	3	v1	v1	PROPN
absel-734	130	4	>	>	X
absel-734	130	5	xf	xf	PROPN
absel-734	130	6	,	,	PUNCT
absel-734	130	7	conditional	conditional	ADJ
absel-734	130	8	upon	upon	SCONJ
absel-734	130	9	v1	v1	PROPN
absel-734	130	10	>	>	X
absel-734	130	11	xf	xf	PROPN
absel-734	130	12	,	,	PUNCT
absel-734	130	13	d2	d2	PROPN
absel-734	130	14	=	=	SYM
absel-734	130	15	min	min	PROPN
absel-734	130	16	(	(	PUNCT
absel-734	130	17	v2	v2	INTJ
absel-734	130	18	,	,	PUNCT
absel-734	130	19	xf	xf	PROPN
absel-734	131	1	+	+	PROPN
absel-734	131	2	bf	bf	NOUN
absel-734	131	3	)	)	PUNCT
absel-734	131	4	(	(	PUNCT
absel-734	131	5	14	14	NUM
absel-734	131	6	)	)	PUNCT
absel-734	131	7	d2	d2	PROPN
absel-734	131	8	=	=	SYM
absel-734	131	9	min	min	PROPN
absel-734	131	10	(	(	PUNCT
absel-734	131	11	v2	v2	INTJ
absel-734	131	12	,	,	PUNCT
absel-734	131	13	xf	xf	PROPN
absel-734	131	14	+	+	PROPN
absel-734	131	15	bf	bf	NOUN
absel-734	131	16	)	)	PUNCT
absel-734	131	17	(	(	PUNCT
absel-734	131	18	14	14	NUM
absel-734	131	19	)	)	PUNCT
absel-734	131	20	e2	e2	NOUN
absel-734	131	21	=	=	SYM
absel-734	131	22	max	max	PROPN
absel-734	131	23	(	(	PUNCT
absel-734	131	24	v2	v2	X
absel-734	131	25	(	(	PUNCT
absel-734	131	26	xf	xf	PROPN
absel-734	131	27	+	+	PROPN
absel-734	131	28	bf	bf	NOUN
absel-734	131	29	)	)	PUNCT
absel-734	131	30	,	,	PUNCT
absel-734	131	31	0	0	NUM
absel-734	131	32	)	)	PUNCT
absel-734	131	33	(	(	PUNCT
absel-734	131	34	15	15	X
absel-734	131	35	)	)	PUNCT
absel-734	131	36	e2	e2	NOUN
absel-734	131	37	=	=	SYM
absel-734	131	38	max	max	PROPN
absel-734	131	39	(	(	PUNCT
absel-734	131	40	v2	v2	X
absel-734	131	41	(	(	PUNCT
absel-734	131	42	xf	xf	PROPN
absel-734	131	43	+	+	PROPN
absel-734	131	44	bf	bf	NOUN
absel-734	131	45	)	)	PUNCT
absel-734	131	46	,	,	PUNCT
absel-734	131	47	0	0	NUM
absel-734	131	48	)	)	PUNCT
absel-734	131	49	(	(	PUNCT
absel-734	131	50	15	15	X
absel-734	131	51	)	)	PUNCT
absel-734	131	52	equation	equation	NOUN
absel-734	131	53	(	(	PUNCT
absel-734	131	54	12	12	NUM
absel-734	131	55	)	)	PUNCT
absel-734	131	56	to	to	ADP
absel-734	131	57	(	(	PUNCT
absel-734	131	58	15	15	NUM
absel-734	131	59	)	)	PUNCT
absel-734	131	60	serve	serve	VERB
absel-734	131	61	as	as	ADP
absel-734	131	62	the	the	DET
absel-734	131	63	boundary	boundary	ADJ
absel-734	131	64	conditions	condition	NOUN
absel-734	131	65	for	for	ADP
absel-734	131	66	the	the	DET
absel-734	131	67	valuation	valuation	NOUN
absel-734	131	68	of	of	ADP
absel-734	131	69	debt	debt	NOUN
absel-734	131	70	and	and	CCONJ
absel-734	131	71	equity	equity	NOUN
absel-734	131	72	.	.	PUNCT
absel-734	132	1	equation	equation	NOUN
absel-734	132	2	(	(	PUNCT
absel-734	132	3	13	13	NUM
absel-734	132	4	)	)	PUNCT
absel-734	132	5	and	and	CCONJ
absel-734	132	6	(	(	PUNCT
absel-734	132	7	15	15	X
absel-734	132	8	)	)	PUNCT
absel-734	132	9	appear	appear	VERB
absel-734	132	10	as	as	ADP
absel-734	132	11	two	two	NUM
absel-734	132	12	call	call	NOUN
absel-734	132	13	options	option	NOUN
absel-734	132	14	with	with	ADP
absel-734	132	15	the	the	DET
absel-734	132	16	important	important	ADJ
absel-734	132	17	difference	difference	NOUN
absel-734	132	18	that	that	PRON
absel-734	132	19	the	the	DET
absel-734	132	20	payoff	payoff	NOUN
absel-734	132	21	to	to	ADP
absel-734	132	22	the	the	DET
absel-734	132	23	period	period	NOUN
absel-734	132	24	2	2	NUM
absel-734	132	25	option	option	NOUN
absel-734	132	26	is	be	AUX
absel-734	132	27	conditional	conditional	ADJ
absel-734	132	28	upon	upon	SCONJ
absel-734	132	29	the	the	DET
absel-734	132	30	payoff	payoff	NOUN
absel-734	132	31	to	to	ADP
absel-734	132	32	the	the	DET
absel-734	132	33	period	period	NOUN
absel-734	132	34	1	1	NUM
absel-734	132	35	option	option	NOUN
absel-734	132	36	.	.	PUNCT
absel-734	133	1	this	this	PRON
absel-734	133	2	is	be	AUX
absel-734	133	3	derived	derive	VERB
absel-734	133	4	from	from	ADP
absel-734	133	5	the	the	DET
absel-734	133	6	payoff	payoff	NOUN
absel-734	133	7	provisions	provision	NOUN
absel-734	133	8	of	of	ADP
absel-734	133	9	the	the	DET
absel-734	133	10	coupon	coupon	NOUN
absel-734	133	11	bond	bond	NOUN
absel-734	133	12	.	.	PUNCT
absel-734	134	1	equation	equation	NOUN
absel-734	134	2	(	(	PUNCT
absel-734	134	3	12	12	NUM
absel-734	134	4	)	)	PUNCT
absel-734	134	5	to	to	ADP
absel-734	134	6	(	(	PUNCT
absel-734	134	7	15	15	NUM
absel-734	134	8	)	)	PUNCT
absel-734	134	9	serve	serve	VERB
absel-734	134	10	as	as	ADP
absel-734	134	11	the	the	DET
absel-734	134	12	boundary	boundary	ADJ
absel-734	134	13	conditions	condition	NOUN
absel-734	134	14	for	for	ADP
absel-734	134	15	the	the	DET
absel-734	134	16	valuation	valuation	NOUN
absel-734	134	17	of	of	ADP
absel-734	134	18	debt	debt	NOUN
absel-734	134	19	and	and	CCONJ
absel-734	134	20	equity	equity	NOUN
absel-734	134	21	.	.	PUNCT
absel-734	135	1	equation	equation	NOUN
absel-734	135	2	(	(	PUNCT
absel-734	135	3	13	13	NUM
absel-734	135	4	)	)	PUNCT
absel-734	135	5	and	and	CCONJ
absel-734	135	6	(	(	PUNCT
absel-734	135	7	15	15	X
absel-734	135	8	)	)	PUNCT
absel-734	135	9	appear	appear	VERB
absel-734	135	10	as	as	ADP
absel-734	135	11	two	two	NUM
absel-734	135	12	call	call	NOUN
absel-734	135	13	options	option	NOUN
absel-734	135	14	with	with	ADP
absel-734	135	15	the	the	DET
absel-734	135	16	important	important	ADJ
absel-734	135	17	difference	difference	NOUN
absel-734	135	18	that	that	PRON
absel-734	135	19	the	the	DET
absel-734	135	20	payoff	payoff	NOUN
absel-734	135	21	to	to	ADP
absel-734	135	22	the	the	DET
absel-734	135	23	period	period	NOUN
absel-734	135	24	2	2	NUM
absel-734	135	25	option	option	NOUN
absel-734	135	26	is	be	AUX
absel-734	135	27	conditional	conditional	ADJ
absel-734	135	28	upon	upon	SCONJ
absel-734	135	29	the	the	DET
absel-734	135	30	payoff	payoff	NOUN
absel-734	135	31	to	to	ADP
absel-734	135	32	the	the	DET
absel-734	135	33	period	period	NOUN
absel-734	135	34	1	1	NUM
absel-734	135	35	option	option	NOUN
absel-734	135	36	.	.	PUNCT
absel-734	136	1	this	this	PRON
absel-734	136	2	is	be	AUX
absel-734	136	3	derived	derive	VERB
absel-734	136	4	from	from	ADP
absel-734	136	5	the	the	DET
absel-734	136	6	payoff	payoff	NOUN
absel-734	136	7	provisions	provision	NOUN
absel-734	136	8	of	of	ADP
absel-734	136	9	the	the	DET
absel-734	136	10	coupon	coupon	NOUN
absel-734	136	11	bond	bond	NOUN
absel-734	136	12	.	.	PUNCT
absel-734	137	1	based	base	VERB
absel-734	137	2	on	on	ADP
absel-734	137	3	my	my	PRON
absel-734	137	4	assumptions	assumption	NOUN
absel-734	137	5	,	,	PUNCT
absel-734	137	6	the	the	DET
absel-734	137	7	expression	expression	NOUN
absel-734	137	8	for	for	ADP
absel-734	137	9	the	the	DET
absel-734	137	10	expected	expect	VERB
absel-734	137	11	value	value	NOUN
absel-734	137	12	of	of	ADP
absel-734	137	13	e1	e1	NOUN
absel-734	137	14	can	can	AUX
absel-734	137	15	be	be	AUX
absel-734	137	16	written	write	VERB
absel-734	137	17	in	in	ADP
absel-734	137	18	a	a	DET
absel-734	137	19	format	format	NOUN
absel-734	137	20	that	that	PRON
absel-734	137	21	can	can	AUX
absel-734	137	22	be	be	AUX
absel-734	137	23	generalised	generalise	VERB
absel-734	137	24	subsequently	subsequently	ADV
absel-734	137	25	:	:	PUNCT
absel-734	137	26	based	base	VERB
absel-734	137	27	on	on	ADP
absel-734	137	28	my	my	PRON
absel-734	137	29	assumptions	assumption	NOUN
absel-734	137	30	,	,	PUNCT
absel-734	137	31	the	the	DET
absel-734	137	32	expression	expression	NOUN
absel-734	137	33	for	for	ADP
absel-734	137	34	the	the	DET
absel-734	137	35	expected	expect	VERB
absel-734	137	36	value	value	NOUN
absel-734	137	37	of	of	ADP
absel-734	137	38	e1	e1	NOUN
absel-734	137	39	can	can	AUX
absel-734	137	40	be	be	AUX
absel-734	137	41	written	write	VERB
absel-734	137	42	in	in	ADP
absel-734	137	43	a	a	DET
absel-734	137	44	format	format	NOUN
absel-734	137	45	that	that	PRON
absel-734	137	46	can	can	AUX
absel-734	137	47	be	be	AUX
absel-734	137	48	generalised	generalise	VERB
absel-734	137	49	subsequently	subsequently	ADV
absel-734	137	50	:	:	PUNCT
absel-734	137	51	e	e	X
absel-734	137	52	(	(	PUNCT
absel-734	137	53	et	et	NOUN
absel-734	137	54	)	)	PUNCT
absel-734	137	55	=	=	SYM
absel-734	137	56	v0	v0	NOUN
absel-734	137	57	exp	exp	NOUN
absel-734	137	58	(	(	PUNCT
absel-734	137	59	r	r	NOUN
absel-734	137	60	t	t	PROPN
absel-734	137	61	)	)	PUNCT
absel-734	138	1	⋅	⋅	PROPN
absel-734	138	2	n	n	CCONJ
absel-734	138	3	(	(	PUNCT
absel-734	138	4	dt	dt	PROPN
absel-734	138	5	)	)	PUNCT
absel-734	138	6	dt	dt	PROPN
absel-734	139	1	⋅	⋅	PROPN
absel-734	139	2	n	n	CCONJ
absel-734	139	3	(	(	PUNCT
absel-734	139	4	ht	ht	PROPN
absel-734	139	5	)	)	PUNCT
absel-734	139	6	e	e	PROPN
absel-734	139	7	(	(	PUNCT
absel-734	139	8	et	et	NOUN
absel-734	139	9	)	)	PUNCT
absel-734	139	10	=	=	SYM
absel-734	139	11	v0	v0	NOUN
absel-734	139	12	exp	exp	NOUN
absel-734	139	13	(	(	PUNCT
absel-734	139	14	r	r	NOUN
absel-734	139	15	t	t	PROPN
absel-734	139	16	)	)	PUNCT
absel-734	139	17	⋅	⋅	PROPN
absel-734	139	18	n	n	CCONJ
absel-734	139	19	(	(	PUNCT
absel-734	139	20	dt	dt	PROPN
absel-734	139	21	)	)	PUNCT
absel-734	139	22	dt	dt	PROPN
absel-734	140	1	⋅	⋅	PROPN
absel-734	140	2	n	n	CCONJ
absel-734	140	3	(	(	PUNCT
absel-734	140	4	ht	ht	PROPN
absel-734	140	5	)	)	PUNCT
absel-734	140	6	for	for	ADP
absel-734	140	7	t	t	NOUN
absel-734	140	8	=	=	SYM
absel-734	140	9	1	1	NUM
absel-734	140	10	(	(	PUNCT
absel-734	140	11	16	16	NUM
absel-734	140	12	)	)	PUNCT
absel-734	140	13	for	for	ADP
absel-734	140	14	t	t	NOUN
absel-734	140	15	=	=	SYM
absel-734	140	16	1	1	NUM
absel-734	140	17	(	(	PUNCT
absel-734	140	18	16	16	NUM
absel-734	140	19	)	)	PUNCT
absel-734	140	20	where	where	SCONJ
absel-734	140	21	where	where	SCONJ
absel-734	140	22	dt	dt	NOUN
absel-734	140	23	=	=	PUNCT
absel-734	140	24	[	[	PUNCT
absel-734	140	25	log	log	NOUN
absel-734	140	26	(	(	PUNCT
absel-734	140	27	v0	v0	NOUN
absel-734	140	28	/	/	SYM
absel-734	140	29	dt	dt	PROPN
absel-734	140	30	)	)	PUNCT
absel-734	141	1	+	+	CCONJ
absel-734	141	2	(	(	PUNCT
absel-734	141	3	r	r	NOUN
absel-734	141	4	+	+	CCONJ
absel-734	141	5	σv	σv	PROPN
absel-734	141	6	22	22	NUM
absel-734	141	7	/	/	SYM
absel-734	141	8	2	2	NUM
absel-734	141	9	)	)	PUNCT
absel-734	141	10	t	t	NOUN
absel-734	141	11	]	]	PUNCT
absel-734	141	12	/	/	SYM
absel-734	141	13	σv	σv	INTJ
absel-734	141	14	√t	√t	NOUN
absel-734	141	15	dt	dt	NOUN
absel-734	142	1	=	=	PUNCT
absel-734	142	2	[	[	PUNCT
absel-734	142	3	log	log	NOUN
absel-734	142	4	(	(	PUNCT
absel-734	142	5	v0	v0	NOUN
absel-734	142	6	/	/	SYM
absel-734	142	7	dt	dt	PROPN
absel-734	142	8	)	)	PUNCT
absel-734	143	1	+	+	CCONJ
absel-734	143	2	(	(	PUNCT
absel-734	143	3	r	r	NOUN
absel-734	143	4	+	+	CCONJ
absel-734	143	5	σv	σv	PROPN
absel-734	143	6	/	/	SYM
absel-734	143	7	2	2	NUM
absel-734	143	8	)	)	PUNCT
absel-734	143	9	t	t	NOUN
absel-734	143	10	]	]	PUNCT
absel-734	143	11	/	/	SYM
absel-734	143	12	σv	σv	ADP
absel-734	143	13	√t	√t	NOUN
absel-734	143	14	for	for	ADP
absel-734	143	15	t	t	NOUN
absel-734	143	16	=	=	SYM
absel-734	143	17	1	1	NUM
absel-734	143	18	,	,	PUNCT
absel-734	143	19	2	2	NUM
absel-734	143	20	(	(	PUNCT
absel-734	143	21	17	17	NUM
absel-734	143	22	)	)	PUNCT
absel-734	143	23	for	for	ADP
absel-734	143	24	t	t	NOUN
absel-734	143	25	=	=	SYM
absel-734	143	26	1	1	NUM
absel-734	143	27	,	,	PUNCT
absel-734	143	28	2	2	NUM
absel-734	143	29	(	(	PUNCT
absel-734	143	30	17	17	NUM
absel-734	143	31	)	)	PUNCT
absel-734	143	32	ht	ht	NOUN
absel-734	143	33	=	=	PUNCT
absel-734	144	1	dt	dt	X
absel-734	144	2	σv	σv	INTJ
absel-734	144	3	√t	√t	NOUN
absel-734	144	4	for	for	ADP
absel-734	144	5	t	t	NOUN
absel-734	144	6	=	=	SYM
absel-734	144	7	1	1	NUM
absel-734	144	8	,	,	PUNCT
absel-734	144	9	2	2	NUM
absel-734	144	10	(	(	PUNCT
absel-734	144	11	18	18	NUM
absel-734	144	12	)	)	PUNCT
absel-734	144	13	ht	ht	NOUN
absel-734	145	1	=	=	PUNCT
absel-734	145	2	dt	dt	X
absel-734	145	3	σv	σv	INTJ
absel-734	145	4	√t	√t	NOUN
absel-734	145	5	for	for	ADP
absel-734	145	6	t	t	NOUN
absel-734	145	7	=	=	SYM
absel-734	145	8	1	1	NUM
absel-734	145	9	,	,	PUNCT
absel-734	145	10	2	2	NUM
absel-734	145	11	(	(	PUNCT
absel-734	145	12	18	18	NUM
absel-734	145	13	)	)	PUNCT
absel-734	145	14	the	the	DET
absel-734	145	15	term	term	NOUN
absel-734	145	16	n	n	CCONJ
absel-734	145	17	(	(	PUNCT
absel-734	145	18	ht	ht	PROPN
absel-734	145	19	)	)	PUNCT
absel-734	145	20	is	be	AUX
absel-734	145	21	of	of	ADP
absel-734	145	22	great	great	ADJ
absel-734	145	23	importance	importance	NOUN
absel-734	145	24	for	for	ADP
absel-734	145	25	our	our	PRON
absel-734	145	26	presentation	presentation	NOUN
absel-734	145	27	since	since	SCONJ
absel-734	145	28	it	it	PRON
absel-734	145	29	indicates	indicate	VERB
absel-734	145	30	the	the	DET
absel-734	145	31	conditional	conditional	ADJ
absel-734	145	32	probability	probability	NOUN
absel-734	145	33	that	that	SCONJ
absel-734	145	34	vt	vt	PROPN
absel-734	145	35	>	>	X
absel-734	145	36	dt	dt	PROPN
absel-734	145	37	.	.	PUNCT
absel-734	146	1	it	it	PRON
absel-734	146	2	applies	apply	VERB
absel-734	146	3	to	to	ADP
absel-734	146	4	all	all	DET
absel-734	146	5	the	the	DET
absel-734	146	6	periods	period	NOUN
absel-734	146	7	subsequent	subsequent	ADJ
absel-734	146	8	to	to	ADP
absel-734	146	9	period	period	NOUN
absel-734	146	10	1	1	NUM
absel-734	146	11	.	.	PUNCT
absel-734	147	1	in	in	ADP
absel-734	147	2	fact	fact	NOUN
absel-734	147	3	,	,	PUNCT
absel-734	147	4	the	the	DET
absel-734	147	5	expected	expect	VERB
absel-734	147	6	value	value	NOUN
absel-734	147	7	of	of	ADP
absel-734	147	8	equities	equity	NOUN
absel-734	147	9	in	in	ADP
absel-734	147	10	periods	period	NOUN
absel-734	147	11	subsequent	subsequent	ADJ
absel-734	147	12	to	to	ADP
absel-734	147	13	period	period	NOUN
absel-734	147	14	1	1	NUM
absel-734	147	15	can	can	AUX
absel-734	147	16	also	also	ADV
absel-734	147	17	be	be	AUX
absel-734	147	18	written	write	VERB
absel-734	147	19	in	in	ADP
absel-734	147	20	the	the	DET
absel-734	147	21	format	format	NOUN
absel-734	147	22	of	of	ADP
absel-734	147	23	equation	equation	NOUN
absel-734	147	24	(	(	PUNCT
absel-734	147	25	16	16	NUM
absel-734	147	26	)	)	PUNCT
absel-734	147	27	,	,	PUNCT
absel-734	147	28	but	but	CCONJ
absel-734	147	29	multiplied	multiply	VERB
absel-734	147	30	by	by	ADP
absel-734	147	31	the	the	DET
absel-734	147	32	conditional	conditional	ADJ
absel-734	147	33	probability	probability	NOUN
absel-734	147	34	n	n	CCONJ
absel-734	147	35	(	(	PUNCT
absel-734	147	36	ht	ht	PROPN
absel-734	147	37	)	)	PUNCT
absel-734	147	38	.	.	PUNCT
absel-734	148	1	hence	hence	ADV
absel-734	148	2	,	,	PUNCT
absel-734	148	3	the	the	DET
absel-734	148	4	expected	expect	VERB
absel-734	148	5	value	value	NOUN
absel-734	148	6	of	of	ADP
absel-734	148	7	equity	equity	NOUN
absel-734	148	8	at	at	ADP
absel-734	148	9	period	period	NOUN
absel-734	148	10	2	2	NUM
absel-734	148	11	can	can	AUX
absel-734	148	12	be	be	AUX
absel-734	148	13	written	write	VERB
absel-734	148	14	as	as	ADP
absel-734	148	15	:	:	PUNCT
absel-734	148	16	the	the	DET
absel-734	148	17	term	term	NOUN
absel-734	148	18	n	n	CCONJ
absel-734	148	19	(	(	PUNCT
absel-734	148	20	ht	ht	PROPN
absel-734	148	21	)	)	PUNCT
absel-734	148	22	is	be	AUX
absel-734	148	23	of	of	ADP
absel-734	148	24	great	great	ADJ
absel-734	148	25	importance	importance	NOUN
absel-734	148	26	for	for	ADP
absel-734	148	27	our	our	PRON
absel-734	148	28	presentation	presentation	NOUN
absel-734	148	29	since	since	SCONJ
absel-734	148	30	it	it	PRON
absel-734	148	31	indicates	indicate	VERB
absel-734	148	32	the	the	DET
absel-734	148	33	conditional	conditional	ADJ
absel-734	148	34	probability	probability	NOUN
absel-734	148	35	that	that	SCONJ
absel-734	148	36	vt	vt	PROPN
absel-734	148	37	>	>	X
absel-734	148	38	dt	dt	PROPN
absel-734	148	39	.	.	PUNCT
absel-734	149	1	it	it	PRON
absel-734	149	2	applies	apply	VERB
absel-734	149	3	to	to	ADP
absel-734	149	4	all	all	DET
absel-734	149	5	the	the	DET
absel-734	149	6	periods	period	NOUN
absel-734	149	7	subsequent	subsequent	ADJ
absel-734	149	8	to	to	ADP
absel-734	149	9	period	period	NOUN
absel-734	149	10	1	1	NUM
absel-734	149	11	.	.	PUNCT
absel-734	150	1	in	in	ADP
absel-734	150	2	fact	fact	NOUN
absel-734	150	3	,	,	PUNCT
absel-734	150	4	the	the	DET
absel-734	150	5	expected	expect	VERB
absel-734	150	6	value	value	NOUN
absel-734	150	7	of	of	ADP
absel-734	150	8	equities	equity	NOUN
absel-734	150	9	in	in	ADP
absel-734	150	10	periods	period	NOUN
absel-734	150	11	subsequent	subsequent	ADJ
absel-734	150	12	to	to	ADP
absel-734	150	13	period	period	NOUN
absel-734	150	14	1	1	NUM
absel-734	150	15	can	can	AUX
absel-734	150	16	also	also	ADV
absel-734	150	17	be	be	AUX
absel-734	150	18	written	write	VERB
absel-734	150	19	in	in	ADP
absel-734	150	20	the	the	DET
absel-734	150	21	format	format	NOUN
absel-734	150	22	of	of	ADP
absel-734	150	23	equation	equation	NOUN
absel-734	150	24	(	(	PUNCT
absel-734	150	25	16	16	NUM
absel-734	150	26	)	)	PUNCT
absel-734	150	27	,	,	PUNCT
absel-734	150	28	but	but	CCONJ
absel-734	150	29	multiplied	multiply	VERB
absel-734	150	30	by	by	ADP
absel-734	150	31	the	the	DET
absel-734	150	32	conditional	conditional	ADJ
absel-734	150	33	probability	probability	NOUN
absel-734	150	34	n	n	CCONJ
absel-734	150	35	(	(	PUNCT
absel-734	150	36	ht	ht	PROPN
absel-734	150	37	)	)	PUNCT
absel-734	150	38	.	.	PUNCT
absel-734	151	1	hence	hence	ADV
absel-734	151	2	,	,	PUNCT
absel-734	151	3	the	the	DET
absel-734	151	4	expected	expect	VERB
absel-734	151	5	value	value	NOUN
absel-734	151	6	of	of	ADP
absel-734	151	7	equity	equity	NOUN
absel-734	151	8	at	at	ADP
absel-734	151	9	period	period	NOUN
absel-734	151	10	2	2	NUM
absel-734	151	11	can	can	AUX
absel-734	151	12	be	be	AUX
absel-734	151	13	written	write	VERB
absel-734	151	14	as	as	ADP
absel-734	151	15	:	:	PUNCT
absel-734	151	16	e	e	X
absel-734	151	17	(	(	PUNCT
absel-734	151	18	e2	e2	PROPN
absel-734	151	19	)	)	PUNCT
absel-734	151	20	=	=	SYM
absel-734	151	21	n	n	CCONJ
absel-734	151	22	(	(	PUNCT
absel-734	151	23	h1	h1	PROPN
absel-734	151	24	)	)	PUNCT
absel-734	151	25	[	[	PUNCT
absel-734	151	26	v0	v0	NOUN
absel-734	151	27	exp	exp	NOUN
absel-734	151	28	(	(	PUNCT
absel-734	151	29	2	2	NUM
absel-734	151	30	r	r	NOUN
absel-734	151	31	)	)	PUNCT
absel-734	151	32	⋅	⋅	PROPN
absel-734	151	33	n	n	CCONJ
absel-734	151	34	(	(	PUNCT
absel-734	151	35	d2	d2	PROPN
absel-734	151	36	)	)	PUNCT
absel-734	151	37	d2	d2	PROPN
absel-734	151	38	⋅	⋅	PROPN
absel-734	151	39	n	n	CCONJ
absel-734	151	40	(	(	PUNCT
absel-734	151	41	h2	h2	PROPN
absel-734	151	42	)	)	PUNCT
absel-734	151	43	]	]	PUNCT
absel-734	151	44	(	(	PUNCT
absel-734	151	45	19	19	NUM
absel-734	151	46	)	)	PUNCT
absel-734	151	47	e	e	NOUN
absel-734	151	48	(	(	PUNCT
absel-734	151	49	e2	e2	PROPN
absel-734	151	50	)	)	PUNCT
absel-734	151	51	=	=	SYM
absel-734	151	52	n	n	CCONJ
absel-734	151	53	(	(	PUNCT
absel-734	151	54	h1	h1	PROPN
absel-734	151	55	)	)	PUNCT
absel-734	151	56	[	[	PUNCT
absel-734	151	57	v0	v0	NOUN
absel-734	151	58	exp	exp	NOUN
absel-734	151	59	(	(	PUNCT
absel-734	151	60	2	2	NUM
absel-734	151	61	r	r	NOUN
absel-734	151	62	)	)	PUNCT
absel-734	151	63	⋅	⋅	PROPN
absel-734	151	64	n	n	CCONJ
absel-734	151	65	(	(	PUNCT
absel-734	151	66	d2	d2	PROPN
absel-734	151	67	)	)	PUNCT
absel-734	151	68	d2	d2	PROPN
absel-734	151	69	⋅	⋅	PROPN
absel-734	151	70	n	n	CCONJ
absel-734	151	71	(	(	PUNCT
absel-734	151	72	h2	h2	PROPN
absel-734	151	73	)	)	PUNCT
absel-734	151	74	]	]	PUNCT
absel-734	151	75	(	(	PUNCT
absel-734	151	76	19	19	NUM
absel-734	151	77	)	)	PUNCT
absel-734	151	78	valuation	valuation	NOUN
absel-734	151	79	equations	equation	NOUN
absel-734	151	80	can	can	AUX
absel-734	151	81	be	be	AUX
absel-734	151	82	obtained	obtain	VERB
absel-734	151	83	once	once	SCONJ
absel-734	151	84	we	we	PRON
absel-734	151	85	solve	solve	VERB
absel-734	151	86	the	the	DET
absel-734	151	87	equation	equation	NOUN
absel-734	151	88	for	for	ADP
absel-734	151	89	period	period	NOUN
absel-734	151	90	1	1	NUM
absel-734	151	91	.	.	PUNCT
absel-734	152	1	the	the	DET
absel-734	152	2	equations	equation	NOUN
absel-734	152	3	for	for	ADP
absel-734	152	4	subsequent	subsequent	ADJ
absel-734	152	5	periods	period	NOUN
absel-734	152	6	are	be	AUX
absel-734	152	7	obtained	obtain	VERB
absel-734	152	8	using	use	VERB
absel-734	152	9	the	the	DET
absel-734	152	10	same	same	ADJ
absel-734	152	11	procedure	procedure	NOUN
absel-734	152	12	.	.	PUNCT
absel-734	153	1	for	for	ADP
absel-734	153	2	period	period	NOUN
absel-734	153	3	1	1	NUM
absel-734	153	4	,	,	PUNCT
absel-734	153	5	the	the	DET
absel-734	153	6	present	present	ADJ
absel-734	153	7	value	value	NOUN
absel-734	153	8	of	of	ADP
absel-734	153	9	equity	equity	NOUN
absel-734	153	10	is	be	AUX
absel-734	153	11	the	the	DET
absel-734	153	12	present	present	ADJ
absel-734	153	13	value	value	NOUN
absel-734	153	14	of	of	ADP
absel-734	153	15	the	the	DET
absel-734	153	16	call	call	NOUN
absel-734	153	17	option	option	NOUN
absel-734	153	18	.	.	PUNCT
absel-734	154	1	given	give	VERB
absel-734	154	2	my	my	PRON
absel-734	154	3	assumptions	assumption	NOUN
absel-734	154	4	,	,	PUNCT
absel-734	154	5	the	the	DET
absel-734	154	6	problem	problem	NOUN
absel-734	154	7	becomes	become	VERB
absel-734	154	8	the	the	DET
absel-734	154	9	valuation	valuation	NOUN
absel-734	154	10	of	of	ADP
absel-734	154	11	a	a	DET
absel-734	154	12	call	call	NOUN
absel-734	154	13	option	option	NOUN
absel-734	154	14	on	on	ADP
absel-734	154	15	the	the	DET
absel-734	154	16	firm	firm	NOUN
absel-734	154	17	’s	’s	PART
absel-734	154	18	assets	asset	NOUN
absel-734	154	19	under	under	ADP
absel-734	154	20	the	the	DET
absel-734	154	21	condition	condition	NOUN
absel-734	154	22	of	of	ADP
absel-734	154	23	a	a	DET
absel-734	154	24	stochastic	stochastic	ADJ
absel-734	154	25	risk	risk	NOUN
absel-734	154	26	-	-	PUNCT
absel-734	154	27	free	free	ADJ
absel-734	154	28	interest	interest	NOUN
absel-734	154	29	rate	rate	NOUN
absel-734	154	30	.	.	PUNCT
absel-734	155	1	following	follow	VERB
absel-734	155	2	the	the	DET
absel-734	155	3	risk	risk	NOUN
absel-734	155	4	neutrality	neutrality	NOUN
absel-734	155	5	argument	argument	NOUN
absel-734	155	6	of	of	ADP
absel-734	155	7	cox	cox	PROPN
absel-734	155	8	and	and	CCONJ
absel-734	155	9	ross	ross	PROPN
absel-734	155	10	(	(	PUNCT
absel-734	155	11	1976	1976	NUM
absel-734	155	12	)	)	PUNCT
absel-734	155	13	,	,	PUNCT
absel-734	155	14	we	we	PRON
absel-734	155	15	can	can	AUX
absel-734	155	16	write	write	VERB
absel-734	155	17	the	the	DET
absel-734	155	18	equation	equation	NOUN
absel-734	155	19	of	of	ADP
absel-734	155	20	the	the	DET
absel-734	155	21	present	present	ADJ
absel-734	155	22	value	value	NOUN
absel-734	155	23	of	of	ADP
absel-734	155	24	equity	equity	NOUN
absel-734	155	25	for	for	ADP
absel-734	155	26	different	different	ADJ
absel-734	155	27	periods	period	NOUN
absel-734	155	28	as	as	SCONJ
absel-734	155	29	:	:	PUNCT
absel-734	155	30	valuation	valuation	NOUN
absel-734	155	31	equations	equation	NOUN
absel-734	155	32	can	can	AUX
absel-734	155	33	be	be	AUX
absel-734	155	34	obtained	obtain	VERB
absel-734	155	35	once	once	SCONJ
absel-734	155	36	we	we	PRON
absel-734	155	37	solve	solve	VERB
absel-734	155	38	the	the	DET
absel-734	155	39	equation	equation	NOUN
absel-734	155	40	for	for	ADP
absel-734	155	41	period	period	NOUN
absel-734	155	42	1	1	NUM
absel-734	155	43	.	.	PUNCT
absel-734	156	1	the	the	DET
absel-734	156	2	equations	equation	NOUN
absel-734	156	3	for	for	ADP
absel-734	156	4	subsequent	subsequent	ADJ
absel-734	156	5	periods	period	NOUN
absel-734	156	6	are	be	AUX
absel-734	156	7	obtained	obtain	VERB
absel-734	156	8	using	use	VERB
absel-734	156	9	the	the	DET
absel-734	156	10	same	same	ADJ
absel-734	156	11	procedure	procedure	NOUN
absel-734	156	12	.	.	PUNCT
absel-734	157	1	for	for	ADP
absel-734	157	2	period	period	NOUN
absel-734	157	3	1	1	NUM
absel-734	157	4	,	,	PUNCT
absel-734	157	5	the	the	DET
absel-734	157	6	present	present	ADJ
absel-734	157	7	value	value	NOUN
absel-734	157	8	of	of	ADP
absel-734	157	9	equity	equity	NOUN
absel-734	157	10	is	be	AUX
absel-734	157	11	the	the	DET
absel-734	157	12	present	present	ADJ
absel-734	157	13	value	value	NOUN
absel-734	157	14	of	of	ADP
absel-734	157	15	the	the	DET
absel-734	157	16	call	call	NOUN
absel-734	157	17	option	option	NOUN
absel-734	157	18	.	.	PUNCT
absel-734	158	1	given	give	VERB
absel-734	158	2	my	my	PRON
absel-734	158	3	assumptions	assumption	NOUN
absel-734	158	4	,	,	PUNCT
absel-734	158	5	the	the	DET
absel-734	158	6	problem	problem	NOUN
absel-734	158	7	becomes	become	VERB
absel-734	158	8	the	the	DET
absel-734	158	9	valuation	valuation	NOUN
absel-734	158	10	of	of	ADP
absel-734	158	11	a	a	DET
absel-734	158	12	call	call	NOUN
absel-734	158	13	option	option	NOUN
absel-734	158	14	on	on	ADP
absel-734	158	15	the	the	DET
absel-734	158	16	firm	firm	NOUN
absel-734	158	17	’s	’s	PART
absel-734	158	18	assets	asset	NOUN
absel-734	158	19	under	under	ADP
absel-734	158	20	the	the	DET
absel-734	158	21	condition	condition	NOUN
absel-734	158	22	of	of	ADP
absel-734	158	23	a	a	DET
absel-734	158	24	stochastic	stochastic	ADJ
absel-734	158	25	risk	risk	NOUN
absel-734	158	26	-	-	PUNCT
absel-734	158	27	free	free	ADJ
absel-734	158	28	interest	interest	NOUN
absel-734	158	29	rate	rate	NOUN
absel-734	158	30	.	.	PUNCT
absel-734	159	1	following	follow	VERB
absel-734	159	2	the	the	DET
absel-734	159	3	risk	risk	NOUN
absel-734	159	4	neutrality	neutrality	NOUN
absel-734	159	5	argument	argument	NOUN
absel-734	159	6	of	of	ADP
absel-734	159	7	cox	cox	PROPN
absel-734	159	8	and	and	CCONJ
absel-734	159	9	ross	ross	PROPN
absel-734	159	10	(	(	PUNCT
absel-734	159	11	1976	1976	NUM
absel-734	159	12	)	)	PUNCT
absel-734	159	13	,	,	PUNCT
absel-734	159	14	we	we	PRON
absel-734	159	15	can	can	AUX
absel-734	159	16	write	write	VERB
absel-734	159	17	the	the	DET
absel-734	159	18	equation	equation	NOUN
absel-734	159	19	of	of	ADP
absel-734	159	20	the	the	DET
absel-734	159	21	present	present	ADJ
absel-734	159	22	value	value	NOUN
absel-734	159	23	of	of	ADP
absel-734	159	24	equity	equity	NOUN
absel-734	159	25	for	for	ADP
absel-734	159	26	different	different	ADJ
absel-734	159	27	periods	period	NOUN
absel-734	159	28	as	as	ADP
absel-734	159	29	:	:	PUNCT
absel-734	159	30	for	for	ADP
absel-734	159	31	1	1	NUM
absel-734	159	32	period	period	NOUN
absel-734	159	33	.	.	PUNCT
absel-734	160	1	for	for	ADP
absel-734	160	2	1	1	NUM
absel-734	160	3	period	period	NOUN
absel-734	160	4	.	.	PUNCT
absel-734	161	1	e01	e01	PROPN
absel-734	161	2	=	=	SYM
absel-734	161	3	v0	v0	PROPN
absel-734	161	4	⋅	⋅	X
absel-734	161	5	n	n	CCONJ
absel-734	161	6	(	(	PUNCT
absel-734	161	7	d1	d1	PROPN
absel-734	161	8	)	)	PUNCT
absel-734	161	9	xf	xf	PROPN
absel-734	161	10	⋅	⋅	PROPN
absel-734	161	11	exp	exp	PROPN
absel-734	161	12	(	(	PUNCT
absel-734	161	13	-r	-r	PROPN
absel-734	161	14	)	)	PUNCT
absel-734	161	15	⋅	⋅	PROPN
absel-734	161	16	n	n	CCONJ
absel-734	161	17	(	(	PUNCT
absel-734	161	18	h1	h1	PROPN
absel-734	161	19	)	)	PUNCT
absel-734	161	20	(	(	PUNCT
absel-734	161	21	20	20	X
absel-734	161	22	)	)	PUNCT
absel-734	161	23	e01	e01	NOUN
absel-734	161	24	=	=	SYM
absel-734	161	25	v0	v0	PROPN
absel-734	161	26	⋅	⋅	X
absel-734	161	27	n	n	CCONJ
absel-734	161	28	(	(	PUNCT
absel-734	161	29	d1	d1	PROPN
absel-734	161	30	)	)	PUNCT
absel-734	161	31	xf	xf	PROPN
absel-734	161	32	⋅	⋅	PROPN
absel-734	161	33	exp	exp	PROPN
absel-734	161	34	(	(	PUNCT
absel-734	161	35	-r	-r	PROPN
absel-734	161	36	)	)	PUNCT
absel-734	161	37	⋅	⋅	PROPN
absel-734	161	38	n	n	CCONJ
absel-734	161	39	(	(	PUNCT
absel-734	161	40	h1	h1	PROPN
absel-734	161	41	)	)	PUNCT
absel-734	161	42	(	(	PUNCT
absel-734	161	43	20	20	NUM
absel-734	161	44	)	)	PUNCT
absel-734	161	45	where	where	SCONJ
absel-734	161	46	where	where	SCONJ
absel-734	161	47	d1	d1	PROPN
absel-734	161	48	=	=	PUNCT
absel-734	161	49	[	[	PUNCT
absel-734	161	50	log	log	NOUN
absel-734	161	51	(	(	PUNCT
absel-734	161	52	v0	v0	PROPN
absel-734	161	53	/	/	SYM
absel-734	161	54	xf	xf	PROPN
absel-734	161	55	)	)	PUNCT
absel-734	162	1	+	+	CCONJ
absel-734	162	2	r	r	NOUN
absel-734	163	1	+	+	CCONJ
absel-734	163	2	σv	σv	PROPN
absel-734	163	3	22	22	NUM
absel-734	163	4	/	/	SYM
absel-734	163	5	2	2	NUM
absel-734	163	6	]	]	PUNCT
absel-734	163	7	/	/	SYM
absel-734	163	8	σv	σv	INTJ
absel-734	163	9	(	(	PUNCT
absel-734	163	10	21	21	NUM
absel-734	163	11	)	)	PUNCT
absel-734	163	12	d1	d1	NOUN
absel-734	163	13	=	=	PUNCT
absel-734	163	14	[	[	PUNCT
absel-734	163	15	log	log	NOUN
absel-734	163	16	(	(	PUNCT
absel-734	163	17	v0	v0	PROPN
absel-734	163	18	/	/	SYM
absel-734	163	19	xf	xf	PROPN
absel-734	163	20	)	)	PUNCT
absel-734	164	1	+	+	CCONJ
absel-734	164	2	r	r	NOUN
absel-734	165	1	+	+	CCONJ
absel-734	165	2	σv	σv	PROPN
absel-734	165	3	/	/	SYM
absel-734	165	4	2	2	NUM
absel-734	165	5	]	]	PUNCT
absel-734	165	6	/	/	SYM
absel-734	165	7	σv	σv	INTJ
absel-734	165	8	(	(	PUNCT
absel-734	165	9	21	21	NUM
absel-734	165	10	)	)	PUNCT
absel-734	165	11	h1	h1	NOUN
absel-734	165	12	=	=	PUNCT
absel-734	165	13	d1	d1	PROPN
absel-734	165	14	σv	σv	NOUN
absel-734	165	15	(	(	PUNCT
absel-734	165	16	22	22	NUM
absel-734	165	17	)	)	PUNCT
absel-734	165	18	h1	h1	NOUN
absel-734	165	19	=	=	PUNCT
absel-734	165	20	d1	d1	PROPN
absel-734	165	21	σv	σv	NOUN
absel-734	165	22	(	(	PUNCT
absel-734	165	23	22	22	NUM
absel-734	165	24	)	)	PUNCT
absel-734	165	25	for	for	ADP
absel-734	165	26	2	2	NUM
absel-734	165	27	periods	period	NOUN
absel-734	165	28	.	.	PUNCT
absel-734	166	1	for	for	ADP
absel-734	166	2	2	2	NUM
absel-734	166	3	periods	period	NOUN
absel-734	166	4	.	.	PUNCT
absel-734	167	1	e02	e02	NOUN
absel-734	167	2	=	=	SYM
absel-734	167	3	n	n	CCONJ
absel-734	167	4	(	(	PUNCT
absel-734	167	5	h1	h1	PROPN
absel-734	167	6	)	)	PUNCT
absel-734	167	7	[	[	PUNCT
absel-734	167	8	v0	v0	NOUN
absel-734	167	9	⋅	⋅	PROPN
absel-734	167	10	n	n	CCONJ
absel-734	167	11	(	(	PUNCT
absel-734	167	12	d2	d2	PROPN
absel-734	167	13	)	)	PUNCT
absel-734	167	14	(	(	PUNCT
absel-734	167	15	bf	bf	NOUN
absel-734	167	16	+	+	CCONJ
absel-734	167	17	xf	xf	PROPN
absel-734	167	18	)	)	PUNCT
absel-734	167	19	exp	exp	PROPN
absel-734	167	20	(	(	PUNCT
absel-734	167	21	2r	2r	NUM
absel-734	167	22	)	)	PUNCT
absel-734	167	23	⋅	⋅	PROPN
absel-734	167	24	n	n	CCONJ
absel-734	167	25	(	(	PUNCT
absel-734	167	26	h2	h2	PROPN
absel-734	167	27	)	)	PUNCT
absel-734	167	28	]	]	PUNCT
absel-734	167	29	(	(	PUNCT
absel-734	167	30	23	23	X
absel-734	167	31	)	)	PUNCT
absel-734	167	32	e02	e02	NOUN
absel-734	167	33	=	=	SYM
absel-734	167	34	n	n	CCONJ
absel-734	167	35	(	(	PUNCT
absel-734	167	36	h1	h1	PROPN
absel-734	167	37	)	)	PUNCT
absel-734	167	38	[	[	PUNCT
absel-734	167	39	v0	v0	NOUN
absel-734	167	40	⋅	⋅	PROPN
absel-734	167	41	n	n	CCONJ
absel-734	167	42	(	(	PUNCT
absel-734	167	43	d2	d2	PROPN
absel-734	167	44	)	)	PUNCT
absel-734	167	45	(	(	PUNCT
absel-734	167	46	bf	bf	NOUN
absel-734	167	47	+	+	CCONJ
absel-734	167	48	xf	xf	PROPN
absel-734	167	49	)	)	PUNCT
absel-734	167	50	exp	exp	PROPN
absel-734	167	51	(	(	PUNCT
absel-734	167	52	2r	2r	NUM
absel-734	167	53	)	)	PUNCT
absel-734	167	54	⋅	⋅	PROPN
absel-734	167	55	n	n	CCONJ
absel-734	167	56	(	(	PUNCT
absel-734	167	57	h2	h2	PROPN
absel-734	167	58	)	)	PUNCT
absel-734	167	59	]	]	PUNCT
absel-734	167	60	(	(	PUNCT
absel-734	167	61	23	23	NUM
absel-734	167	62	)	)	PUNCT
absel-734	167	63	where	where	SCONJ
absel-734	167	64	where	where	SCONJ
absel-734	167	65	d2	d2	NOUN
absel-734	167	66	=	=	SYM
absel-734	167	67	[	[	PUNCT
absel-734	167	68	log	log	PROPN
absel-734	167	69	(	(	PUNCT
absel-734	167	70	v0	v0	NOUN
absel-734	167	71	/	/	SYM
absel-734	167	72	(	(	PUNCT
absel-734	167	73	bf	bf	NOUN
absel-734	167	74	+	+	CCONJ
absel-734	167	75	xf	xf	PROPN
absel-734	167	76	)	)	PUNCT
absel-734	167	77	)	)	PUNCT
absel-734	168	1	+	+	CCONJ
absel-734	168	2	2r	2r	NUM
absel-734	168	3	+	+	CCONJ
absel-734	168	4	σv	σv	PROPN
absel-734	168	5	22	22	NUM
absel-734	168	6	]	]	PUNCT
absel-734	168	7	/	/	SYM
absel-734	168	8	σv	σv	PROPN
absel-734	168	9	d2	d2	PROPN
absel-734	168	10	=	=	PUNCT
absel-734	169	1	[	[	PUNCT
absel-734	169	2	log	log	PROPN
absel-734	169	3	(	(	PUNCT
absel-734	169	4	v0	v0	NOUN
absel-734	169	5	/	/	SYM
absel-734	169	6	(	(	PUNCT
absel-734	169	7	bf	bf	NOUN
absel-734	169	8	+	+	CCONJ
absel-734	169	9	xf	xf	PROPN
absel-734	169	10	)	)	PUNCT
absel-734	169	11	)	)	PUNCT
absel-734	170	1	+	+	CCONJ
absel-734	170	2	2r	2r	NUM
absel-734	171	1	+	+	CCONJ
absel-734	171	2	σv	σv	ADP
absel-734	171	3	]	]	PUNCT
absel-734	171	4	/	/	SYM
absel-734	171	5	σv	σv	NUM
absel-734	171	6	2	2	NUM
absel-734	171	7	(	(	PUNCT
absel-734	171	8	24	24	NUM
absel-734	171	9	)	)	PUNCT
absel-734	171	10	h2	h2	NOUN
absel-734	171	11	=	=	SYM
absel-734	171	12	d2	d2	PROPN
absel-734	171	13	σv	σv	NOUN
absel-734	171	14	2	2	NUM
absel-734	171	15	(	(	PUNCT
absel-734	171	16	25	25	NUM
absel-734	171	17	)	)	PUNCT
absel-734	171	18	by	by	ADP
absel-734	171	19	making	make	VERB
absel-734	171	20	use	use	NOUN
absel-734	171	21	of	of	ADP
absel-734	171	22	the	the	DET
absel-734	171	23	balance	balance	NOUN
absel-734	171	24	sheet	sheet	NOUN
absel-734	171	25	identity	identity	NOUN
absel-734	171	26	,	,	PUNCT
absel-734	171	27	we	we	PRON
absel-734	171	28	can	can	AUX
absel-734	171	29	write	write	VERB
absel-734	171	30	the	the	DET
absel-734	171	31	present	present	ADJ
absel-734	171	32	value	value	NOUN
absel-734	171	33	of	of	ADP
absel-734	171	34	the	the	DET
absel-734	171	35	coupon	coupon	NOUN
absel-734	171	36	bond	bond	NOUN
absel-734	171	37	,	,	PUNCT
absel-734	171	38	d02	d02	NOUN
absel-734	171	39	,	,	PUNCT
absel-734	171	40	as	as	ADP
absel-734	171	41	:	:	PUNCT
absel-734	171	42	d02	d02	PROPN
absel-734	171	43	=	=	SYM
absel-734	171	44	(	(	PUNCT
absel-734	171	45	v0	v0	NOUN
absel-734	171	46	e01	e01	X
absel-734	171	47	)	)	PUNCT
absel-734	171	48	+	+	CCONJ
absel-734	172	1	n	n	CCONJ
absel-734	172	2	(	(	PUNCT
absel-734	172	3	h1	h1	PROPN
absel-734	172	4	)	)	PUNCT
absel-734	172	5	(	(	PUNCT
absel-734	172	6	v0	v0	NOUN
absel-734	172	7	e02	e02	NOUN
absel-734	172	8	)	)	PUNCT
absel-734	172	9	(	(	PUNCT
absel-734	172	10	26	26	NUM
absel-734	172	11	)	)	PUNCT
absel-734	172	12	=	=	SYM
absel-734	172	13	v0(1	v0(1	ADJ
absel-734	172	14	–	–	PUNCT
absel-734	172	15	n(d1	n(d1	NOUN
absel-734	172	16	)	)	PUNCT
absel-734	172	17	)	)	PUNCT
absel-734	172	18	–	–	PUNCT
absel-734	172	19	d1exp(-r)n(h1	d1exp(-r)n(h1	X
absel-734	172	20	)	)	PUNCT
absel-734	173	1	+	+	CCONJ
absel-734	173	2	n(h1)[v0(1	n(h1)[v0(1	ADJ
absel-734	173	3	–	–	PUNCT
absel-734	173	4	n(d2	n(d2	NOUN
absel-734	173	5	)	)	PUNCT
absel-734	173	6	)	)	PUNCT
absel-734	173	7	–	–	PUNCT
absel-734	173	8	d2exp(-2r)n(h2	d2exp(-2r)n(h2	NOUN
absel-734	173	9	)	)	PUNCT
absel-734	173	10	]	]	PUNCT
absel-734	173	11	in	in	ADP
absel-734	173	12	order	order	NOUN
absel-734	173	13	to	to	PART
absel-734	173	14	value	value	VERB
absel-734	173	15	a	a	DET
absel-734	173	16	t	t	NOUN
absel-734	173	17	-	-	PUNCT
absel-734	173	18	period	period	NOUN
absel-734	173	19	coupon	coupon	NOUN
absel-734	173	20	bond	bond	NOUN
absel-734	173	21	,	,	PUNCT
absel-734	173	22	let	let	VERB
absel-734	173	23	us	we	PRON
absel-734	173	24	define	define	VERB
absel-734	173	25	a	a	DET
absel-734	173	26	variable	variable	ADJ
absel-734	173	27	h0	h0	NOUN
absel-734	173	28	such	such	ADJ
absel-734	173	29	that	that	DET
absel-734	173	30	n(h0	n(h0	NOUN
absel-734	173	31	)	)	PUNCT
absel-734	173	32	equals	equal	VERB
absel-734	173	33	one	one	NUM
absel-734	173	34	.	.	PUNCT
absel-734	174	1	i	i	PRON
absel-734	174	2	create	create	VERB
absel-734	174	3	a	a	DET
absel-734	174	4	set	set	NOUN
absel-734	174	5	of	of	ADP
absel-734	174	6	variables	variable	NOUN
absel-734	174	7	defined	define	VERB
absel-734	174	8	as	as	SCONJ
absel-734	174	9	follows	follow	VERB
absel-734	174	10	:	:	PUNCT
absel-734	174	11	zt	zt	PROPN
absel-734	174	12	indicates	indicate	VERB
absel-734	174	13	the	the	DET
absel-734	174	14	conditional	conditional	ADJ
absel-734	174	15	probability	probability	NOUN
absel-734	174	16	that	that	SCONJ
absel-734	174	17	the	the	DET
absel-734	174	18	borrowing	borrowing	NOUN
absel-734	174	19	firm	firm	NOUN
absel-734	174	20	will	will	AUX
absel-734	174	21	meet	meet	VERB
absel-734	174	22	its	its	PRON
absel-734	174	23	debt	debt	NOUN
absel-734	174	24	service	service	NOUN
absel-734	174	25	payments	payment	NOUN
absel-734	174	26	at	at	ADP
absel-734	174	27	t	t	PROPN
absel-734	174	28	,	,	PUNCT
absel-734	174	29	thus	thus	ADV
absel-734	174	30	,	,	PUNCT
absel-734	174	31	survive	survive	VERB
absel-734	174	32	into	into	ADP
absel-734	174	33	period	period	NOUN
absel-734	174	34	t	t	NOUN
absel-734	174	35	+	+	CCONJ
absel-734	174	36	1	1	X
absel-734	174	37	.	.	PUNCT
absel-734	174	38	through	through	ADP
absel-734	174	39	a	a	DET
absel-734	174	40	process	process	NOUN
absel-734	174	41	of	of	ADP
absel-734	174	42	induction	induction	NOUN
absel-734	174	43	beginning	begin	VERB
absel-734	174	44	from	from	ADP
absel-734	174	45	equation	equation	NOUN
absel-734	174	46	(	(	PUNCT
absel-734	174	47	26	26	NUM
absel-734	174	48	)	)	PUNCT
absel-734	174	49	we	we	PRON
absel-734	174	50	can	can	AUX
absel-734	174	51	calculate	calculate	VERB
absel-734	174	52	the	the	DET
absel-734	174	53	current	current	ADJ
absel-734	174	54	value	value	NOUN
absel-734	174	55	of	of	ADP
absel-734	174	56	the	the	DET
absel-734	174	57	t	t	NOUN
absel-734	174	58	-	-	PUNCT
absel-734	174	59	period	period	NOUN
absel-734	174	60	coupon	coupon	NOUN
absel-734	174	61	bond	bond	NOUN
absel-734	174	62	as	as	SCONJ
absel-734	174	63	follows	follow	VERB
absel-734	174	64	:	:	PUNCT
absel-734	174	65	)	)	PUNCT
absel-734	175	1	28())()exp())(1	28())()exp())(1	NUM
absel-734	175	2	(	(	PUNCT
absel-734	175	3	(	(	PUNCT
absel-734	175	4	0	0	NUM
absel-734	175	5	1	1	NUM
absel-734	175	6	0	0	NUM
absel-734	175	7	ttt	ttt	NOUN
absel-734	175	8	t	t	PROPN
absel-734	175	9	t	t	PROPN
absel-734	175	10	tt	tt	PROPN
absel-734	175	11	hntrddnvzd	hntrddnvzd	PROPN
absel-734	175	12	−−−=∑	−−−=∑	PROPN
absel-734	175	13	=	=	SYM
absel-734	175	14	)	)	PUNCT
absel-734	175	15	27	27	NUM
absel-734	175	16	(	(	PUNCT
absel-734	175	17	)	)	PUNCT
absel-734	175	18	(	(	PUNCT
absel-734	175	19	1	1	NUM
absel-734	175	20	0	0	NUM
absel-734	175	21	∏	∏	NUM
absel-734	175	22	−	−	PROPN
absel-734	175	23	=	=	SYM
absel-734	176	1	t	t	PROPN
absel-734	176	2	tt	tt	PROPN
absel-734	176	3	hnz	hnz	ADJ
absel-734	176	4	equation	equation	NOUN
absel-734	176	5	(	(	PUNCT
absel-734	176	6	28	28	NUM
absel-734	176	7	)	)	PUNCT
absel-734	176	8	shows	show	VERB
absel-734	176	9	that	that	SCONJ
absel-734	176	10	the	the	DET
absel-734	176	11	key	key	ADJ
absel-734	176	12	variables	variable	NOUN
absel-734	176	13	affecting	affect	VERB
absel-734	176	14	the	the	DET
absel-734	176	15	present	present	ADJ
absel-734	176	16	value	value	NOUN
absel-734	176	17	of	of	ADP
absel-734	176	18	the	the	DET
absel-734	176	19	coupon	coupon	NOUN
absel-734	176	20	bond	bond	NOUN
absel-734	176	21	,	,	PUNCT
absel-734	176	22	d0	d0	PROPN
absel-734	176	23	t	t	PROPN
absel-734	176	24	,	,	PUNCT
absel-734	176	25	are	be	AUX
absel-734	176	26	the	the	DET
absel-734	176	27	firm	firm	NOUN
absel-734	176	28	’s	’s	PART
absel-734	176	29	leverage	leverage	NOUN
absel-734	176	30	,	,	PUNCT
absel-734	176	31	the	the	DET
absel-734	176	32	firm	firm	NOUN
absel-734	176	33	’s	’s	PART
absel-734	176	34	assets	asset	NOUN
absel-734	176	35	volatility	volatility	NOUN
absel-734	176	36	,	,	PUNCT
absel-734	176	37	the	the	DET
absel-734	176	38	risk	risk	NOUN
absel-734	176	39	free	free	ADJ
absel-734	176	40	rate	rate	NOUN
absel-734	176	41	,	,	PUNCT
absel-734	176	42	the	the	DET
absel-734	176	43	face	face	NOUN
absel-734	176	44	value	value	NOUN
absel-734	176	45	of	of	ADP
absel-734	176	46	the	the	DET
absel-734	176	47	bond	bond	NOUN
absel-734	176	48	and	and	CCONJ
absel-734	176	49	the	the	DET
absel-734	176	50	time	time	NOUN
absel-734	176	51	to	to	ADP
absel-734	176	52	maturity	maturity	NOUN
absel-734	176	53	.	.	PUNCT
absel-734	177	1	comparing	compare	VERB
absel-734	177	2	two	two	NUM
absel-734	177	3	bonds	bond	NOUN
absel-734	177	4	issued	issue	VERB
absel-734	177	5	by	by	ADP
absel-734	177	6	two	two	NUM
absel-734	177	7	different	different	ADJ
absel-734	177	8	firms	firm	NOUN
absel-734	177	9	,	,	PUNCT
absel-734	177	10	the	the	DET
absel-734	177	11	difference	difference	NOUN
absel-734	177	12	in	in	ADP
absel-734	177	13	credit	credit	NOUN
absel-734	177	14	spreads	spread	NOUN
absel-734	177	15	should	should	AUX
absel-734	177	16	be	be	AUX
absel-734	177	17	explained	explain	VERB
absel-734	177	18	by	by	ADP
absel-734	177	19	the	the	DET
absel-734	177	20	firm	firm	NOUN
absel-734	177	21	’s	’s	PART
absel-734	177	22	leverage	leverage	NOUN
absel-734	177	23	and	and	CCONJ
absel-734	177	24	assets	asset	NOUN
absel-734	177	25	volatility	volatility	NOUN
absel-734	177	26	.	.	PUNCT
absel-734	178	1	263	263	NUM
absel-734	178	2	developments	development	NOUN
absel-734	178	3	in	in	ADP
absel-734	178	4	business	business	NOUN
absel-734	178	5	simulation	simulation	NOUN
absel-734	178	6	and	and	CCONJ
absel-734	178	7	experiential	experiential	ADJ
absel-734	178	8	learning	learning	NOUN
absel-734	178	9	,	,	PUNCT
absel-734	178	10	volume	volume	NOUN
absel-734	178	11	30	30	NUM
absel-734	178	12	,	,	PUNCT
absel-734	178	13	2003	2003	NUM
absel-734	178	14	the	the	DET
absel-734	178	15	valuation	valuation	NOUN
absel-734	178	16	logic	logic	NOUN
absel-734	178	17	for	for	ADP
absel-734	178	18	floating	float	VERB
absel-734	178	19	rate	rate	NOUN
absel-734	178	20	note	note	NOUN
absel-734	178	21	is	be	AUX
absel-734	178	22	the	the	DET
absel-734	178	23	same	same	ADJ
absel-734	178	24	as	as	ADP
absel-734	178	25	above	above	ADV
absel-734	178	26	with	with	SCONJ
absel-734	178	27	only	only	ADV
absel-734	178	28	xf	xf	PROPN
absel-734	178	29	replaced	replace	VERB
absel-734	178	30	by	by	ADP
absel-734	178	31	xxt	xxt	PROPN
absel-734	178	32	on	on	ADP
absel-734	178	33	each	each	DET
absel-734	178	34	interest	interest	NOUN
absel-734	178	35	payment	payment	NOUN
absel-734	178	36	date	date	NOUN
absel-734	178	37	.	.	PUNCT
absel-734	179	1	the	the	DET
absel-734	179	2	two	two	NUM
absel-734	179	3	-	-	PUNCT
absel-734	179	4	period	period	NOUN
absel-734	179	5	contingent	contingent	NOUN
absel-734	179	6	claims	claim	VERB
absel-734	179	7	model	model	NOUN
absel-734	179	8	on	on	ADP
absel-734	179	9	the	the	DET
absel-734	179	10	valuation	valuation	NOUN
absel-734	179	11	of	of	ADP
absel-734	179	12	default	default	NOUN
absel-734	179	13	risky	risky	ADJ
absel-734	179	14	corporate	corporate	ADJ
absel-734	179	15	debts	debt	NOUN
absel-734	179	16	provides	provide	VERB
absel-734	179	17	us	we	PRON
absel-734	179	18	important	important	ADJ
absel-734	179	19	insights	insight	NOUN
absel-734	179	20	that	that	PRON
absel-734	179	21	can	can	AUX
absel-734	179	22	help	help	VERB
absel-734	179	23	us	we	PRON
absel-734	179	24	to	to	PART
absel-734	179	25	ameliorate	ameliorate	VERB
absel-734	179	26	the	the	DET
absel-734	179	27	difficulties	difficulty	NOUN
absel-734	179	28	of	of	ADP
absel-734	179	29	using	use	VERB
absel-734	179	30	the	the	DET
absel-734	179	31	capm	capm	NOUN
absel-734	179	32	in	in	ADP
absel-734	179	33	the	the	DET
absel-734	179	34	valuation	valuation	NOUN
absel-734	179	35	of	of	ADP
absel-734	179	36	default	default	NOUN
absel-734	179	37	risky	risky	ADJ
absel-734	179	38	corporate	corporate	ADJ
absel-734	179	39	debts	debt	NOUN
absel-734	179	40	.	.	PUNCT
absel-734	180	1	from	from	ADP
absel-734	180	2	the	the	DET
absel-734	180	3	above	above	ADJ
absel-734	180	4	analysis	analysis	NOUN
absel-734	180	5	,	,	PUNCT
absel-734	180	6	it	it	PRON
absel-734	180	7	is	be	AUX
absel-734	180	8	shown	show	VERB
absel-734	180	9	that	that	SCONJ
absel-734	180	10	we	we	PRON
absel-734	180	11	can	can	AUX
absel-734	180	12	use	use	VERB
absel-734	180	13	the	the	DET
absel-734	180	14	default	default	NOUN
absel-734	180	15	free	free	ADJ
absel-734	180	16	rate	rate	NOUN
absel-734	180	17	to	to	PART
absel-734	180	18	discount	discount	VERB
absel-734	180	19	the	the	DET
absel-734	180	20	cash	cash	NOUN
absel-734	180	21	flows	flow	NOUN
absel-734	180	22	expected	expect	VERB
absel-734	180	23	to	to	PART
absel-734	180	24	be	be	AUX
absel-734	180	25	received	receive	VERB
absel-734	180	26	from	from	ADP
absel-734	180	27	the	the	DET
absel-734	180	28	corporate	corporate	ADJ
absel-734	180	29	debts	debt	NOUN
absel-734	180	30	,	,	PUNCT
absel-734	180	31	which	which	PRON
absel-734	180	32	are	be	AUX
absel-734	180	33	contingent	contingent	ADJ
absel-734	180	34	to	to	ADP
absel-734	180	35	the	the	DET
absel-734	180	36	corporate	corporate	ADJ
absel-734	180	37	’s	’s	PART
absel-734	180	38	assets	asset	NOUN
absel-734	180	39	value	value	NOUN
absel-734	180	40	.	.	PUNCT
absel-734	181	1	with	with	ADP
absel-734	181	2	the	the	DET
absel-734	181	3	payoffs	payoff	NOUN
absel-734	181	4	conditions	condition	NOUN
absel-734	181	5	pre	pre	ADJ
absel-734	181	6	-	-	VERB
absel-734	181	7	defined	define	VERB
absel-734	181	8	,	,	PUNCT
absel-734	181	9	we	we	PRON
absel-734	181	10	can	can	AUX
absel-734	181	11	apply	apply	VERB
absel-734	181	12	the	the	DET
absel-734	181	13	monte	monte	PROPN
absel-734	181	14	carlo	carlo	PROPN
absel-734	181	15	simulation	simulation	PROPN
absel-734	181	16	method	method	NOUN
absel-734	181	17	to	to	PART
absel-734	181	18	value	value	VERB
absel-734	181	19	the	the	DET
absel-734	181	20	default	default	NOUN
absel-734	181	21	risky	risky	ADJ
absel-734	181	22	corporate	corporate	ADJ
absel-734	181	23	debts	debt	NOUN
absel-734	181	24	.	.	PUNCT
absel-734	182	1	i	i	PRON
absel-734	182	2	discuss	discuss	VERB
absel-734	182	3	the	the	DET
absel-734	182	4	simulation	simulation	NOUN
absel-734	182	5	model	model	NOUN
absel-734	182	6	in	in	ADP
absel-734	182	7	the	the	DET
absel-734	182	8	next	next	ADJ
absel-734	182	9	section	section	NOUN
absel-734	182	10	.	.	PUNCT
absel-734	183	1	debts	debt	NOUN
absel-734	183	2	.	.	PUNCT
absel-734	184	1	i	i	PRON
absel-734	184	2	discuss	discuss	VERB
absel-734	184	3	the	the	DET
absel-734	184	4	simulation	simulation	NOUN
absel-734	184	5	model	model	NOUN
absel-734	184	6	in	in	ADP
absel-734	184	7	the	the	DET
absel-734	184	8	next	next	ADJ
absel-734	184	9	section	section	NOUN
absel-734	184	10	.	.	PUNCT
absel-734	185	1	the	the	DET
absel-734	185	2	simulation	simulation	NOUN
absel-734	185	3	model	model	NOUN
absel-734	185	4	the	the	DET
absel-734	185	5	simulation	simulation	NOUN
absel-734	185	6	model	model	NOUN
absel-734	185	7	fixed	fix	VERB
absel-734	185	8	rate	rate	NOUN
absel-734	185	9	coupon	coupon	NOUN
absel-734	185	10	bond	bond	NOUN
absel-734	185	11	fixed	fix	VERB
absel-734	185	12	rate	rate	NOUN
absel-734	185	13	coupon	coupon	NOUN
absel-734	185	14	bond	bond	NOUN
absel-734	185	15	i	i	PRON
absel-734	185	16	can	can	AUX
absel-734	185	17	simulate	simulate	VERB
absel-734	185	18	the	the	DET
absel-734	185	19	payoffs	payoff	NOUN
absel-734	185	20	of	of	ADP
absel-734	185	21	debt	debt	NOUN
absel-734	185	22	on	on	ADP
absel-734	185	23	each	each	DET
absel-734	185	24	interest	interest	NOUN
absel-734	185	25	payment	payment	NOUN
absel-734	185	26	date	date	NOUN
absel-734	185	27	and	and	CCONJ
absel-734	185	28	the	the	DET
absel-734	185	29	debt	debt	NOUN
absel-734	185	30	maturity	maturity	NOUN
absel-734	185	31	date	date	NOUN
absel-734	185	32	based	base	VERB
absel-734	185	33	on	on	ADP
absel-734	185	34	the	the	DET
absel-734	185	35	value	value	NOUN
absel-734	185	36	generating	generating	NOUN
absel-734	185	37	processes	process	NOUN
absel-734	185	38	of	of	ADP
absel-734	185	39	the	the	DET
absel-734	185	40	firm	firm	NOUN
absel-734	185	41	’s	’s	PART
absel-734	185	42	assets	asset	NOUN
absel-734	185	43	and	and	CCONJ
absel-734	185	44	default	default	NOUN
absel-734	185	45	free	free	ADJ
absel-734	185	46	rate	rate	NOUN
absel-734	185	47	.	.	PUNCT
absel-734	186	1	i	i	PRON
absel-734	186	2	perform	perform	VERB
absel-734	186	3	a	a	DET
absel-734	186	4	2	2	NUM
absel-734	186	5	-	-	PUNCT
absel-734	186	6	period	period	NOUN
absel-734	186	7	and	and	CCONJ
absel-734	186	8	a	a	DET
absel-734	186	9	10	10	NUM
absel-734	186	10	-	-	PUNCT
absel-734	186	11	period	period	NOUN
absel-734	186	12	simulation	simulation	NOUN
absel-734	186	13	exercises	exercise	NOUN
absel-734	186	14	,	,	PUNCT
absel-734	186	15	i.e.	i.e.	X
absel-734	186	16	t	t	NOUN
absel-734	186	17	=	=	SYM
absel-734	186	18	1	1	NUM
absel-734	186	19	to	to	ADP
absel-734	186	20	2	2	NUM
absel-734	186	21	and	and	CCONJ
absel-734	186	22	t	t	NOUN
absel-734	186	23	=	=	SYM
absel-734	186	24	1	1	NUM
absel-734	186	25	to	to	PART
absel-734	186	26	10	10	NUM
absel-734	186	27	,	,	PUNCT
absel-734	186	28	respectively	respectively	ADV
absel-734	186	29	.	.	PUNCT
absel-734	187	1	nonetheless	nonetheless	ADV
absel-734	187	2	,	,	PUNCT
absel-734	187	3	there	there	PRON
absel-734	187	4	is	be	VERB
absel-734	187	5	no	no	DET
absel-734	187	6	limit	limit	NOUN
absel-734	187	7	in	in	ADP
absel-734	187	8	the	the	DET
absel-734	187	9	number	number	NOUN
absel-734	187	10	of	of	ADP
absel-734	187	11	periods	period	NOUN
absel-734	187	12	used	use	VERB
absel-734	187	13	in	in	ADP
absel-734	187	14	the	the	DET
absel-734	187	15	simulation	simulation	NOUN
absel-734	187	16	exercise	exercise	NOUN
absel-734	187	17	.	.	PUNCT
absel-734	188	1	if	if	SCONJ
absel-734	188	2	we	we	PRON
absel-734	188	3	choose	choose	VERB
absel-734	188	4	the	the	DET
absel-734	188	5	annualised	annualise	VERB
absel-734	188	6	figures	figure	NOUN
absel-734	188	7	for	for	ADP
absel-734	188	8	the	the	DET
absel-734	188	9	parameters	parameter	NOUN
absel-734	188	10	,	,	PUNCT
absel-734	188	11	it	it	PRON
absel-734	188	12	implies	imply	VERB
absel-734	188	13	that	that	SCONJ
absel-734	188	14	the	the	DET
absel-734	188	15	life	life	NOUN
absel-734	188	16	of	of	ADP
absel-734	188	17	the	the	DET
absel-734	188	18	bond	bond	NOUN
absel-734	188	19	is	be	AUX
absel-734	188	20	2	2	NUM
absel-734	188	21	and	and	CCONJ
absel-734	188	22	10	10	NUM
absel-734	188	23	years	year	NOUN
absel-734	188	24	.	.	PUNCT
absel-734	189	1	the	the	DET
absel-734	189	2	life	life	NOUN
absel-734	189	3	of	of	ADP
absel-734	189	4	the	the	DET
absel-734	189	5	bond	bond	NOUN
absel-734	189	6	is	be	AUX
absel-734	189	7	divided	divide	VERB
absel-734	189	8	into	into	ADP
absel-734	189	9	t	t	NOUN
absel-734	189	10	steps	step	NOUN
absel-734	189	11	as	as	ADP
absel-734	189	12	{	{	PUNCT
absel-734	189	13	0	0	NUM
absel-734	189	14	≡	≡	PROPN
absel-734	189	15	t	t	PROPN
absel-734	189	16	<	<	X
absel-734	189	17	t	t	PROPN
absel-734	189	18	+	+	CCONJ
absel-734	189	19	1	1	NUM
absel-734	189	20	<	<	X
absel-734	189	21	…	…	PUNCT
absel-734	189	22	<	<	X
absel-734	189	23	t	t	X
absel-734	189	24	≡	≡	PROPN
absel-734	189	25	10	10	NUM
absel-734	189	26	}	}	PUNCT
absel-734	189	27	.	.	PUNCT
absel-734	190	1	this	this	PRON
absel-734	190	2	means	mean	VERB
absel-734	190	3	that	that	SCONJ
absel-734	190	4	∆t	∆t	PROPN
absel-734	190	5	=	=	SYM
absel-734	190	6	1	1	NUM
absel-734	190	7	.	.	PUNCT
absel-734	191	1	the	the	DET
absel-734	191	2	value	value	NOUN
absel-734	191	3	of	of	ADP
absel-734	191	4	the	the	DET
absel-734	191	5	firm	firm	NOUN
absel-734	191	6	’s	’s	PART
absel-734	191	7	assets	asset	NOUN
absel-734	191	8	can	can	AUX
absel-734	191	9	then	then	ADV
absel-734	191	10	be	be	AUX
absel-734	191	11	written	write	VERB
absel-734	191	12	in	in	ADP
absel-734	191	13	discrete	discrete	ADJ
absel-734	191	14	form	form	NOUN
absel-734	191	15	as	as	SCONJ
absel-734	191	16	:	:	PUNCT
absel-734	191	17	i	i	PRON
absel-734	191	18	can	can	AUX
absel-734	191	19	simulate	simulate	VERB
absel-734	191	20	the	the	DET
absel-734	191	21	payoffs	payoff	NOUN
absel-734	191	22	of	of	ADP
absel-734	191	23	debt	debt	NOUN
absel-734	191	24	on	on	ADP
absel-734	191	25	each	each	DET
absel-734	191	26	interest	interest	NOUN
absel-734	191	27	payment	payment	NOUN
absel-734	191	28	date	date	NOUN
absel-734	191	29	and	and	CCONJ
absel-734	191	30	the	the	DET
absel-734	191	31	debt	debt	NOUN
absel-734	191	32	maturity	maturity	NOUN
absel-734	191	33	date	date	NOUN
absel-734	191	34	based	base	VERB
absel-734	191	35	on	on	ADP
absel-734	191	36	the	the	DET
absel-734	191	37	value	value	NOUN
absel-734	191	38	generating	generating	NOUN
absel-734	191	39	processes	process	NOUN
absel-734	191	40	of	of	ADP
absel-734	191	41	the	the	DET
absel-734	191	42	firm	firm	NOUN
absel-734	191	43	’s	’s	PART
absel-734	191	44	assets	asset	NOUN
absel-734	191	45	and	and	CCONJ
absel-734	191	46	default	default	NOUN
absel-734	191	47	free	free	ADJ
absel-734	191	48	rate	rate	NOUN
absel-734	191	49	.	.	PUNCT
absel-734	192	1	i	i	PRON
absel-734	192	2	perform	perform	VERB
absel-734	192	3	a	a	DET
absel-734	192	4	2	2	NUM
absel-734	192	5	-	-	PUNCT
absel-734	192	6	period	period	NOUN
absel-734	192	7	and	and	CCONJ
absel-734	192	8	a	a	DET
absel-734	192	9	10	10	NUM
absel-734	192	10	-	-	PUNCT
absel-734	192	11	period	period	NOUN
absel-734	192	12	simulation	simulation	NOUN
absel-734	192	13	exercises	exercise	NOUN
absel-734	192	14	,	,	PUNCT
absel-734	192	15	i.e.	i.e.	X
absel-734	192	16	t	t	NOUN
absel-734	192	17	=	=	SYM
absel-734	192	18	1	1	NUM
absel-734	192	19	to	to	ADP
absel-734	192	20	2	2	NUM
absel-734	192	21	and	and	CCONJ
absel-734	192	22	t	t	NOUN
absel-734	192	23	=	=	SYM
absel-734	192	24	1	1	NUM
absel-734	192	25	to	to	PART
absel-734	192	26	10	10	NUM
absel-734	192	27	,	,	PUNCT
absel-734	192	28	respectively	respectively	ADV
absel-734	192	29	.	.	PUNCT
absel-734	193	1	nonetheless	nonetheless	ADV
absel-734	193	2	,	,	PUNCT
absel-734	193	3	there	there	PRON
absel-734	193	4	is	be	VERB
absel-734	193	5	no	no	DET
absel-734	193	6	limit	limit	NOUN
absel-734	193	7	in	in	ADP
absel-734	193	8	the	the	DET
absel-734	193	9	number	number	NOUN
absel-734	193	10	of	of	ADP
absel-734	193	11	periods	period	NOUN
absel-734	193	12	used	use	VERB
absel-734	193	13	in	in	ADP
absel-734	193	14	the	the	DET
absel-734	193	15	simulation	simulation	NOUN
absel-734	193	16	exercise	exercise	NOUN
absel-734	193	17	.	.	PUNCT
absel-734	194	1	if	if	SCONJ
absel-734	194	2	we	we	PRON
absel-734	194	3	choose	choose	VERB
absel-734	194	4	the	the	DET
absel-734	194	5	annualised	annualise	VERB
absel-734	194	6	figures	figure	NOUN
absel-734	194	7	for	for	ADP
absel-734	194	8	the	the	DET
absel-734	194	9	parameters	parameter	NOUN
absel-734	194	10	,	,	PUNCT
absel-734	194	11	it	it	PRON
absel-734	194	12	implies	imply	VERB
absel-734	194	13	that	that	SCONJ
absel-734	194	14	the	the	DET
absel-734	194	15	life	life	NOUN
absel-734	194	16	of	of	ADP
absel-734	194	17	the	the	DET
absel-734	194	18	bond	bond	NOUN
absel-734	194	19	is	be	AUX
absel-734	194	20	2	2	NUM
absel-734	194	21	and	and	CCONJ
absel-734	194	22	10	10	NUM
absel-734	194	23	years	year	NOUN
absel-734	194	24	.	.	PUNCT
absel-734	195	1	the	the	DET
absel-734	195	2	life	life	NOUN
absel-734	195	3	of	of	ADP
absel-734	195	4	the	the	DET
absel-734	195	5	bond	bond	NOUN
absel-734	195	6	is	be	AUX
absel-734	195	7	divided	divide	VERB
absel-734	195	8	into	into	ADP
absel-734	195	9	t	t	NOUN
absel-734	195	10	steps	step	NOUN
absel-734	195	11	as	as	ADP
absel-734	195	12	{	{	PUNCT
absel-734	195	13	0	0	NUM
absel-734	195	14	≡	≡	PROPN
absel-734	195	15	t	t	PROPN
absel-734	195	16	<	<	X
absel-734	195	17	t	t	PROPN
absel-734	195	18	+	+	CCONJ
absel-734	195	19	1	1	NUM
absel-734	195	20	<	<	X
absel-734	195	21	…	…	PUNCT
absel-734	195	22	<	<	X
absel-734	195	23	t	t	X
absel-734	195	24	≡	≡	PROPN
absel-734	195	25	10	10	NUM
absel-734	195	26	}	}	PUNCT
absel-734	195	27	.	.	PUNCT
absel-734	196	1	this	this	PRON
absel-734	196	2	means	mean	VERB
absel-734	196	3	that	that	SCONJ
absel-734	196	4	∆t	∆t	PROPN
absel-734	196	5	=	=	SYM
absel-734	196	6	1	1	NUM
absel-734	196	7	.	.	PUNCT
absel-734	197	1	the	the	DET
absel-734	197	2	value	value	NOUN
absel-734	197	3	of	of	ADP
absel-734	197	4	the	the	DET
absel-734	197	5	firm	firm	NOUN
absel-734	197	6	’s	’s	PART
absel-734	197	7	assets	asset	NOUN
absel-734	197	8	can	can	AUX
absel-734	197	9	then	then	ADV
absel-734	197	10	be	be	AUX
absel-734	197	11	written	write	VERB
absel-734	197	12	in	in	ADP
absel-734	197	13	discrete	discrete	ADJ
absel-734	197	14	form	form	NOUN
absel-734	197	15	as	as	ADP
absel-734	197	16	:	:	PUNCT
absel-734	197	17	ln	ln	ADJ
absel-734	197	18	vt	vt	PROPN
absel-734	197	19	=	=	SYM
absel-734	197	20	ln	ln	PROPN
absel-734	197	21	(	(	PUNCT
absel-734	197	22	vt-1	vt-1	NUM
absel-734	197	23	–	–	PUNCT
absel-734	197	24	dt-1	dt-1	NUM
absel-734	197	25	)	)	PUNCT
absel-734	198	1	+	+	CCONJ
absel-734	198	2	(	(	PUNCT
absel-734	198	3	rv	rv	INTJ
absel-734	198	4	σv	σv	PROPN
absel-734	198	5	22	22	NUM
absel-734	198	6	/	/	SYM
absel-734	198	7	2	2	NUM
absel-734	198	8	)	)	PUNCT
absel-734	198	9	∆t	∆t	PROPN
absel-734	199	1	+	+	CCONJ
absel-734	199	2	σv	σv	VERB
absel-734	199	3	√∆t	√∆t	PROPN
absel-734	199	4	zv	zv	INTJ
absel-734	199	5	(	(	PUNCT
absel-734	199	6	29	29	NUM
absel-734	199	7	)	)	PUNCT
absel-734	199	8	ln	ln	NOUN
absel-734	199	9	vt	vt	NOUN
absel-734	199	10	=	=	SYM
absel-734	199	11	ln	ln	PROPN
absel-734	199	12	(	(	PUNCT
absel-734	199	13	vt-1	vt-1	NUM
absel-734	199	14	–	–	PUNCT
absel-734	199	15	dt-1	dt-1	NUM
absel-734	199	16	)	)	PUNCT
absel-734	200	1	+	+	CCONJ
absel-734	200	2	(	(	PUNCT
absel-734	200	3	rv	rv	INTJ
absel-734	200	4	σv	σv	PROPN
absel-734	200	5	/	/	SYM
absel-734	200	6	2	2	NUM
absel-734	200	7	)	)	PUNCT
absel-734	200	8	∆t	∆t	PROPN
absel-734	201	1	+	+	CCONJ
absel-734	201	2	σv	σv	VERB
absel-734	201	3	√∆t	√∆t	PROPN
absel-734	201	4	zv	zv	INTJ
absel-734	201	5	(	(	PUNCT
absel-734	201	6	29	29	NUM
absel-734	201	7	)	)	PUNCT
absel-734	201	8	where	where	SCONJ
absel-734	201	9	zv	zv	PROPN
absel-734	201	10	is	be	AUX
absel-734	201	11	a	a	DET
absel-734	201	12	standard	standard	ADJ
absel-734	201	13	normal	normal	ADJ
absel-734	201	14	variable	variable	NOUN
absel-734	201	15	.	.	PUNCT
absel-734	202	1	under	under	ADP
absel-734	202	2	the	the	DET
absel-734	202	3	riskneutral	riskneutral	ADJ
absel-734	202	4	probability	probability	NOUN
absel-734	202	5	principle	principle	NOUN
absel-734	202	6	,	,	PUNCT
absel-734	202	7	we	we	PRON
absel-734	202	8	can	can	AUX
absel-734	202	9	change	change	VERB
absel-734	202	10	the	the	DET
absel-734	202	11	probability	probability	NOUN
absel-734	202	12	measure	measure	NOUN
absel-734	202	13	and	and	CCONJ
absel-734	202	14	write	write	VERB
absel-734	202	15	the	the	DET
absel-734	202	16	relevant	relevant	ADJ
absel-734	202	17	pricing	pricing	NOUN
absel-734	202	18	distribution	distribution	NOUN
absel-734	202	19	as	as	ADP
absel-734	202	20	:	:	PUNCT
absel-734	202	21	where	where	SCONJ
absel-734	202	22	zv	zv	PROPN
absel-734	202	23	is	be	AUX
absel-734	202	24	a	a	DET
absel-734	202	25	standard	standard	ADJ
absel-734	202	26	normal	normal	ADJ
absel-734	202	27	variable	variable	NOUN
absel-734	202	28	.	.	PUNCT
absel-734	203	1	under	under	ADP
absel-734	203	2	the	the	DET
absel-734	203	3	riskneutral	riskneutral	ADJ
absel-734	203	4	probability	probability	NOUN
absel-734	203	5	principle	principle	NOUN
absel-734	203	6	,	,	PUNCT
absel-734	203	7	we	we	PRON
absel-734	203	8	can	can	AUX
absel-734	203	9	change	change	VERB
absel-734	203	10	the	the	DET
absel-734	203	11	probability	probability	NOUN
absel-734	203	12	measure	measure	NOUN
absel-734	203	13	and	and	CCONJ
absel-734	203	14	write	write	VERB
absel-734	203	15	the	the	DET
absel-734	203	16	relevant	relevant	ADJ
absel-734	203	17	pricing	pricing	NOUN
absel-734	203	18	distribution	distribution	NOUN
absel-734	203	19	as	as	ADP
absel-734	203	20	:	:	PUNCT
absel-734	203	21	lnvt	lnvt	NOUN
absel-734	203	22	=	=	PUNCT
absel-734	203	23	ln(vt-1	ln(vt-1	ADJ
absel-734	203	24	–	–	PUNCT
absel-734	203	25	dt-1	dt-1	NUM
absel-734	203	26	)	)	PUNCT
absel-734	204	1	+	+	CCONJ
absel-734	204	2	(	(	PUNCT
absel-734	204	3	r	r	NOUN
absel-734	204	4	σv	σv	PROPN
absel-734	204	5	22	22	NUM
absel-734	204	6	/	/	SYM
absel-734	204	7	2	2	NUM
absel-734	204	8	)	)	PUNCT
absel-734	204	9	∆t	∆t	PROPN
absel-734	205	1	+	+	CCONJ
absel-734	205	2	σv	σv	VERB
absel-734	205	3	√∆t	√∆t	PROPN
absel-734	205	4	zv	zv	INTJ
absel-734	205	5	(	(	PUNCT
absel-734	205	6	30	30	NUM
absel-734	205	7	)	)	PUNCT
absel-734	205	8	lnvt	lnvt	NOUN
absel-734	205	9	=	=	PUNCT
absel-734	205	10	ln(vt-1	ln(vt-1	ADJ
absel-734	205	11	–	–	PUNCT
absel-734	205	12	dt-1	dt-1	NUM
absel-734	205	13	)	)	PUNCT
absel-734	206	1	+	+	CCONJ
absel-734	206	2	(	(	PUNCT
absel-734	206	3	r	r	NOUN
absel-734	206	4	σv	σv	PROPN
absel-734	206	5	/	/	SYM
absel-734	206	6	2	2	NUM
absel-734	206	7	)	)	PUNCT
absel-734	206	8	∆t	∆t	PROPN
absel-734	207	1	+	+	CCONJ
absel-734	207	2	σv	σv	VERB
absel-734	207	3	√∆t	√∆t	PROPN
absel-734	207	4	zv	zv	INTJ
absel-734	207	5	(	(	PUNCT
absel-734	207	6	30	30	NUM
absel-734	207	7	)	)	PUNCT
absel-734	207	8	that	that	PRON
absel-734	207	9	is	is	ADV
absel-734	207	10	,	,	PUNCT
absel-734	207	11	the	the	DET
absel-734	207	12	expected	expect	VERB
absel-734	207	13	return	return	NOUN
absel-734	207	14	of	of	ADP
absel-734	207	15	the	the	DET
absel-734	207	16	firm	firm	NOUN
absel-734	207	17	’s	’s	PART
absel-734	207	18	assets	asset	NOUN
absel-734	207	19	,	,	PUNCT
absel-734	207	20	rv	rv	PROPN
absel-734	207	21	,	,	PUNCT
absel-734	207	22	is	be	AUX
absel-734	207	23	replaced	replace	VERB
absel-734	207	24	by	by	ADP
absel-734	207	25	the	the	DET
absel-734	207	26	risk	risk	NOUN
absel-734	207	27	free	free	ADJ
absel-734	207	28	rate	rate	NOUN
absel-734	207	29	,	,	PUNCT
absel-734	207	30	r	r	NOUN
absel-734	207	31	,	,	PUNCT
absel-734	207	32	since	since	SCONJ
absel-734	207	33	in	in	ADP
absel-734	207	34	a	a	DET
absel-734	207	35	risk	risk	NOUN
absel-734	207	36	neutral	neutral	ADJ
absel-734	207	37	world	world	NOUN
absel-734	207	38	,	,	PUNCT
absel-734	207	39	all	all	DET
absel-734	207	40	returns	return	NOUN
absel-734	207	41	should	should	AUX
absel-734	207	42	be	be	AUX
absel-734	207	43	the	the	DET
absel-734	207	44	risk	risk	NOUN
absel-734	207	45	free	free	ADJ
absel-734	207	46	rate	rate	NOUN
absel-734	207	47	.	.	PUNCT
absel-734	208	1	i	i	PRON
absel-734	208	2	allow	allow	VERB
absel-734	208	3	the	the	DET
absel-734	208	4	risk	risk	NOUN
absel-734	208	5	free	free	ADJ
absel-734	208	6	rate	rate	NOUN
absel-734	208	7	to	to	PART
absel-734	208	8	be	be	AUX
absel-734	208	9	stochastic	stochastic	ADJ
absel-734	208	10	and	and	CCONJ
absel-734	208	11	,	,	PUNCT
absel-734	208	12	therefore	therefore	ADV
absel-734	208	13	,	,	PUNCT
absel-734	208	14	i	i	PRON
absel-734	208	15	have	have	VERB
absel-734	208	16	to	to	PART
absel-734	208	17	simulate	simulate	VERB
absel-734	208	18	the	the	DET
absel-734	208	19	risk	risk	NOUN
absel-734	208	20	free	free	ADJ
absel-734	208	21	rates	rate	NOUN
absel-734	208	22	for	for	ADP
absel-734	208	23	each	each	DET
absel-734	208	24	time	time	NOUN
absel-734	208	25	period	period	NOUN
absel-734	208	26	.	.	PUNCT
absel-734	209	1	based	base	VERB
absel-734	209	2	on	on	ADP
absel-734	209	3	my	my	PRON
absel-734	209	4	assumptions	assumption	NOUN
absel-734	209	5	and	and	CCONJ
absel-734	209	6	the	the	DET
absel-734	209	7	risk	risk	NOUN
absel-734	209	8	neutrality	neutrality	NOUN
absel-734	209	9	argument	argument	NOUN
absel-734	209	10	,	,	PUNCT
absel-734	209	11	the	the	DET
absel-734	209	12	value	value	NOUN
absel-734	209	13	of	of	ADP
absel-734	209	14	a	a	DET
absel-734	209	15	default	default	NOUN
absel-734	209	16	free	free	ADJ
absel-734	209	17	bond	bond	NOUN
absel-734	209	18	in	in	ADP
absel-734	209	19	discrete	discrete	ADJ
absel-734	209	20	form	form	NOUN
absel-734	209	21	can	can	AUX
absel-734	209	22	be	be	AUX
absel-734	209	23	written	write	VERB
absel-734	209	24	as	as	ADP
absel-734	209	25	:	:	PUNCT
absel-734	209	26	that	that	PRON
absel-734	209	27	is	is	ADV
absel-734	209	28	,	,	PUNCT
absel-734	209	29	the	the	DET
absel-734	209	30	expected	expect	VERB
absel-734	209	31	return	return	NOUN
absel-734	209	32	of	of	ADP
absel-734	209	33	the	the	DET
absel-734	209	34	firm	firm	NOUN
absel-734	209	35	’s	’s	PART
absel-734	209	36	assets	asset	NOUN
absel-734	209	37	,	,	PUNCT
absel-734	209	38	rv	rv	PROPN
absel-734	209	39	,	,	PUNCT
absel-734	209	40	is	be	AUX
absel-734	209	41	replaced	replace	VERB
absel-734	209	42	by	by	ADP
absel-734	209	43	the	the	DET
absel-734	209	44	risk	risk	NOUN
absel-734	209	45	free	free	ADJ
absel-734	209	46	rate	rate	NOUN
absel-734	209	47	,	,	PUNCT
absel-734	209	48	r	r	NOUN
absel-734	209	49	,	,	PUNCT
absel-734	209	50	since	since	SCONJ
absel-734	209	51	in	in	ADP
absel-734	209	52	a	a	DET
absel-734	209	53	risk	risk	NOUN
absel-734	209	54	neutral	neutral	ADJ
absel-734	209	55	world	world	NOUN
absel-734	209	56	,	,	PUNCT
absel-734	209	57	all	all	DET
absel-734	209	58	returns	return	NOUN
absel-734	209	59	should	should	AUX
absel-734	209	60	be	be	AUX
absel-734	209	61	the	the	DET
absel-734	209	62	risk	risk	NOUN
absel-734	209	63	free	free	ADJ
absel-734	209	64	rate	rate	NOUN
absel-734	209	65	.	.	PUNCT
absel-734	210	1	i	i	PRON
absel-734	210	2	allow	allow	VERB
absel-734	210	3	the	the	DET
absel-734	210	4	risk	risk	NOUN
absel-734	210	5	free	free	ADJ
absel-734	210	6	rate	rate	NOUN
absel-734	210	7	to	to	PART
absel-734	210	8	be	be	AUX
absel-734	210	9	stochastic	stochastic	ADJ
absel-734	210	10	and	and	CCONJ
absel-734	210	11	,	,	PUNCT
absel-734	210	12	therefore	therefore	ADV
absel-734	210	13	,	,	PUNCT
absel-734	210	14	i	i	PRON
absel-734	210	15	have	have	VERB
absel-734	210	16	to	to	PART
absel-734	210	17	simulate	simulate	VERB
absel-734	210	18	the	the	DET
absel-734	210	19	risk	risk	NOUN
absel-734	210	20	free	free	ADJ
absel-734	210	21	rates	rate	NOUN
absel-734	210	22	for	for	ADP
absel-734	210	23	each	each	DET
absel-734	210	24	time	time	NOUN
absel-734	210	25	period	period	NOUN
absel-734	210	26	.	.	PUNCT
absel-734	211	1	based	base	VERB
absel-734	211	2	on	on	ADP
absel-734	211	3	my	my	PRON
absel-734	211	4	assumptions	assumption	NOUN
absel-734	211	5	and	and	CCONJ
absel-734	211	6	the	the	DET
absel-734	211	7	risk	risk	NOUN
absel-734	211	8	neutrality	neutrality	NOUN
absel-734	211	9	argument	argument	NOUN
absel-734	211	10	,	,	PUNCT
absel-734	211	11	the	the	DET
absel-734	211	12	value	value	NOUN
absel-734	211	13	of	of	ADP
absel-734	211	14	a	a	DET
absel-734	211	15	default	default	NOUN
absel-734	211	16	free	free	ADJ
absel-734	211	17	bond	bond	NOUN
absel-734	211	18	in	in	ADP
absel-734	211	19	discrete	discrete	ADJ
absel-734	211	20	form	form	NOUN
absel-734	211	21	can	can	AUX
absel-734	211	22	be	be	AUX
absel-734	211	23	written	write	VERB
absel-734	211	24	as	as	ADP
absel-734	211	25	:	:	PUNCT
absel-734	211	26	ln	ln	ADV
absel-734	211	27	bt	bt	NOUN
absel-734	212	1	=	=	NOUN
absel-734	212	2	ln	ln	ADJ
absel-734	212	3	bt-1	bt-1	ADV
absel-734	213	1	+	+	CCONJ
absel-734	214	1	(	(	PUNCT
absel-734	214	2	r	r	NOUN
absel-734	214	3	σb	σb	ADP
absel-734	214	4	22	22	NUM
absel-734	214	5	/	/	SYM
absel-734	214	6	2	2	NUM
absel-734	214	7	)	)	PUNCT
absel-734	214	8	∆t	∆t	PROPN
absel-734	215	1	+	+	CCONJ
absel-734	215	2	σv	σv	VERB
absel-734	215	3	√∆t	√∆t	PROPN
absel-734	215	4	zb	zb	PROPN
absel-734	215	5	(	(	PUNCT
absel-734	215	6	31	31	NUM
absel-734	215	7	)	)	PUNCT
absel-734	215	8	ln	ln	NOUN
absel-734	215	9	bt	bt	NOUN
absel-734	215	10	=	=	NOUN
absel-734	215	11	ln	ln	ADJ
absel-734	215	12	bt-1	bt-1	ADV
absel-734	215	13	+	+	CCONJ
absel-734	215	14	(	(	PUNCT
absel-734	215	15	r	r	NOUN
absel-734	215	16	σb	σb	ADP
absel-734	215	17	/	/	SYM
absel-734	215	18	2	2	NUM
absel-734	215	19	)	)	PUNCT
absel-734	215	20	∆t	∆t	PROPN
absel-734	216	1	+	+	CCONJ
absel-734	216	2	σv	σv	VERB
absel-734	216	3	√∆t	√∆t	PROPN
absel-734	216	4	zb	zb	PROPN
absel-734	216	5	(	(	PUNCT
absel-734	216	6	31	31	NUM
absel-734	216	7	)	)	PUNCT
absel-734	216	8	the	the	DET
absel-734	216	9	stochastic	stochastic	ADJ
absel-734	216	10	default	default	NOUN
absel-734	216	11	risk	risk	NOUN
absel-734	216	12	free	free	ADJ
absel-734	216	13	rate	rate	NOUN
absel-734	216	14	,	,	PUNCT
absel-734	216	15	rft	rft	NOUN
absel-734	216	16	,	,	PUNCT
absel-734	216	17	for	for	ADP
absel-734	216	18	each	each	DET
absel-734	216	19	period	period	NOUN
absel-734	216	20	is	be	AUX
absel-734	216	21	given	give	VERB
absel-734	216	22	by	by	ADP
absel-734	216	23	the	the	DET
absel-734	216	24	stochastic	stochastic	ADJ
absel-734	216	25	default	default	NOUN
absel-734	216	26	risk	risk	NOUN
absel-734	216	27	free	free	ADJ
absel-734	216	28	rate	rate	NOUN
absel-734	216	29	,	,	PUNCT
absel-734	216	30	rft	rft	NOUN
absel-734	216	31	,	,	PUNCT
absel-734	216	32	for	for	SCONJ
absel-734	216	33	each	each	DET
absel-734	216	34	period	period	NOUN
absel-734	216	35	is	be	AUX
absel-734	216	36	given	give	VERB
absel-734	216	37	by	by	ADP
absel-734	216	38	rft-1	rft-1	ADV
absel-734	216	39	=	=	SYM
absel-734	216	40	ln	ln	ADJ
absel-734	216	41	(	(	PUNCT
absel-734	216	42	bt	bt	NOUN
absel-734	216	43	/	/	SYM
absel-734	216	44	bt-1	bt-1	NOUN
absel-734	216	45	)	)	PUNCT
absel-734	216	46	(	(	PUNCT
absel-734	216	47	32	32	NUM
absel-734	216	48	)	)	PUNCT
absel-734	216	49	rft-1	rft-1	PUNCT
absel-734	217	1	=	=	SYM
absel-734	217	2	ln	ln	ADJ
absel-734	217	3	(	(	PUNCT
absel-734	217	4	bt	bt	NOUN
absel-734	217	5	/	/	SYM
absel-734	217	6	bt-1	bt-1	NOUN
absel-734	217	7	)	)	PUNCT
absel-734	217	8	(	(	PUNCT
absel-734	217	9	32	32	NUM
absel-734	217	10	)	)	PUNCT
absel-734	217	11	using	use	VERB
absel-734	217	12	a	a	DET
absel-734	217	13	random	random	ADJ
absel-734	217	14	number	number	NOUN
absel-734	217	15	generator	generator	NOUN
absel-734	217	16	for	for	ADP
absel-734	217	17	the	the	DET
absel-734	217	18	values	value	NOUN
absel-734	217	19	of	of	ADP
absel-734	217	20	zb	zb	PRON
absel-734	217	21	and	and	CCONJ
absel-734	217	22	zv	zv	INTJ
absel-734	217	23	,	,	PUNCT
absel-734	217	24	and	and	CCONJ
absel-734	217	25	determining	determine	VERB
absel-734	217	26	the	the	DET
absel-734	217	27	payoff	payoff	NOUN
absel-734	217	28	conditions	condition	NOUN
absel-734	217	29	of	of	ADP
absel-734	217	30	the	the	DET
absel-734	217	31	firm	firm	NOUN
absel-734	217	32	’s	’s	PART
absel-734	217	33	liabilities	liability	NOUN
absel-734	217	34	as	as	ADP
absel-734	217	35	above	above	ADV
absel-734	217	36	,	,	PUNCT
absel-734	217	37	i	i	PRON
absel-734	217	38	can	can	AUX
absel-734	217	39	now	now	ADV
absel-734	217	40	generate	generate	VERB
absel-734	217	41	independent	independent	ADJ
absel-734	217	42	paths	path	NOUN
absel-734	217	43	for	for	ADP
absel-734	217	44	the	the	DET
absel-734	217	45	values	value	NOUN
absel-734	217	46	of	of	ADP
absel-734	217	47	rft	rft	PROPN
absel-734	217	48	,	,	PUNCT
absel-734	217	49	vt	vt	PROPN
absel-734	217	50	,	,	PUNCT
absel-734	217	51	dt	dt	X
absel-734	217	52	,	,	PUNCT
absel-734	217	53	and	and	CCONJ
absel-734	217	54	et	et	NOUN
absel-734	217	55	for	for	ADP
absel-734	217	56	the	the	DET
absel-734	217	57	time	time	NOUN
absel-734	217	58	periods	period	NOUN
absel-734	217	59	from	from	ADP
absel-734	217	60	1	1	NUM
absel-734	217	61	to	to	ADP
absel-734	217	62	t.	t.	NOUN
absel-734	217	63	by	by	ADP
absel-734	217	64	running	run	VERB
absel-734	217	65	the	the	DET
absel-734	217	66	simulation	simulation	NOUN
absel-734	217	67	5000	5000	NUM
absel-734	217	68	times	time	NOUN
absel-734	217	69	,	,	PUNCT
absel-734	217	70	the	the	DET
absel-734	217	71	resulting	result	VERB
absel-734	217	72	values	value	NOUN
absel-734	217	73	should	should	AUX
absel-734	217	74	approach	approach	VERB
absel-734	217	75	a	a	DET
absel-734	217	76	normal	normal	ADJ
absel-734	217	77	distribution	distribution	NOUN
absel-734	217	78	.	.	PUNCT
absel-734	218	1	then	then	ADV
absel-734	218	2	the	the	DET
absel-734	218	3	sum	sum	NOUN
absel-734	218	4	of	of	ADP
absel-734	218	5	the	the	DET
absel-734	218	6	discounted	discount	VERB
absel-734	218	7	mean	mean	ADJ
absel-734	218	8	values	value	NOUN
absel-734	218	9	of	of	ADP
absel-734	218	10	debt	debt	NOUN
absel-734	218	11	payoffs	payoff	NOUN
absel-734	218	12	,	,	PUNCT
absel-734	218	13	dt	dt	X
absel-734	218	14	,	,	PUNCT
absel-734	218	15	will	will	AUX
absel-734	218	16	constitute	constitute	VERB
absel-734	218	17	the	the	DET
absel-734	218	18	present	present	ADJ
absel-734	218	19	value	value	NOUN
absel-734	218	20	of	of	ADP
absel-734	218	21	the	the	DET
absel-734	218	22	fixed	fix	VERB
absel-734	218	23	rate	rate	NOUN
absel-734	218	24	coupon	coupon	NOUN
absel-734	218	25	bond	bond	NOUN
absel-734	218	26	.	.	PUNCT
absel-734	219	1	since	since	SCONJ
absel-734	219	2	the	the	DET
absel-734	219	3	debt	debt	NOUN
absel-734	219	4	payoffs	payoff	NOUN
absel-734	219	5	can	can	AUX
absel-734	219	6	be	be	AUX
absel-734	219	7	written	write	VERB
absel-734	219	8	as	as	ADP
absel-734	219	9	contingent	contingent	ADJ
absel-734	219	10	claims	claim	NOUN
absel-734	219	11	on	on	ADP
absel-734	219	12	the	the	DET
absel-734	219	13	firm	firm	NOUN
absel-734	219	14	’s	’s	PART
absel-734	219	15	assets	asset	NOUN
absel-734	219	16	,	,	PUNCT
absel-734	219	17	we	we	PRON
absel-734	219	18	can	can	AUX
absel-734	219	19	apply	apply	VERB
absel-734	219	20	the	the	DET
absel-734	219	21	risk	risk	NOUN
absel-734	219	22	neutral	neutral	ADJ
absel-734	219	23	pricing	pricing	NOUN
absel-734	219	24	argument	argument	NOUN
absel-734	219	25	and	and	CCONJ
absel-734	219	26	use	use	VERB
absel-734	219	27	the	the	DET
absel-734	219	28	risk	risk	NOUN
absel-734	219	29	free	free	ADJ
absel-734	219	30	rate	rate	NOUN
absel-734	219	31	as	as	ADP
absel-734	219	32	the	the	DET
absel-734	219	33	discount	discount	NOUN
absel-734	219	34	rate	rate	NOUN
absel-734	219	35	.	.	PUNCT
absel-734	220	1	the	the	DET
absel-734	220	2	present	present	ADJ
absel-734	220	3	value	value	NOUN
absel-734	220	4	of	of	ADP
absel-734	220	5	the	the	DET
absel-734	220	6	default	default	NOUN
absel-734	220	7	risky	risky	ADJ
absel-734	220	8	bond	bond	NOUN
absel-734	220	9	should	should	AUX
absel-734	220	10	be	be	AUX
absel-734	220	11	given	give	VERB
absel-734	220	12	by	by	ADP
absel-734	220	13	using	use	VERB
absel-734	220	14	a	a	DET
absel-734	220	15	random	random	ADJ
absel-734	220	16	number	number	NOUN
absel-734	220	17	generator	generator	NOUN
absel-734	220	18	for	for	ADP
absel-734	220	19	the	the	DET
absel-734	220	20	values	value	NOUN
absel-734	220	21	of	of	ADP
absel-734	220	22	zb	zb	PRON
absel-734	220	23	and	and	CCONJ
absel-734	220	24	zv	zv	INTJ
absel-734	220	25	,	,	PUNCT
absel-734	220	26	and	and	CCONJ
absel-734	220	27	determining	determine	VERB
absel-734	220	28	the	the	DET
absel-734	220	29	payoff	payoff	NOUN
absel-734	220	30	conditions	condition	NOUN
absel-734	220	31	of	of	ADP
absel-734	220	32	the	the	DET
absel-734	220	33	firm	firm	NOUN
absel-734	220	34	’s	’s	PART
absel-734	220	35	liabilities	liability	NOUN
absel-734	220	36	as	as	ADP
absel-734	220	37	above	above	ADV
absel-734	220	38	,	,	PUNCT
absel-734	220	39	i	i	PRON
absel-734	220	40	can	can	AUX
absel-734	220	41	now	now	ADV
absel-734	220	42	generate	generate	VERB
absel-734	220	43	independent	independent	ADJ
absel-734	220	44	paths	path	NOUN
absel-734	220	45	for	for	ADP
absel-734	220	46	the	the	DET
absel-734	220	47	values	value	NOUN
absel-734	220	48	of	of	ADP
absel-734	220	49	rft	rft	PROPN
absel-734	220	50	,	,	PUNCT
absel-734	220	51	vt	vt	PROPN
absel-734	220	52	,	,	PUNCT
absel-734	220	53	dt	dt	X
absel-734	220	54	,	,	PUNCT
absel-734	220	55	and	and	CCONJ
absel-734	220	56	et	et	NOUN
absel-734	220	57	for	for	ADP
absel-734	220	58	the	the	DET
absel-734	220	59	time	time	NOUN
absel-734	220	60	periods	period	NOUN
absel-734	220	61	from	from	ADP
absel-734	220	62	1	1	NUM
absel-734	220	63	to	to	ADP
absel-734	220	64	t.	t.	NOUN
absel-734	220	65	by	by	ADP
absel-734	220	66	running	run	VERB
absel-734	220	67	the	the	DET
absel-734	220	68	simulation	simulation	NOUN
absel-734	220	69	5000	5000	NUM
absel-734	220	70	times	time	NOUN
absel-734	220	71	,	,	PUNCT
absel-734	220	72	the	the	DET
absel-734	220	73	resulting	result	VERB
absel-734	220	74	values	value	NOUN
absel-734	220	75	should	should	AUX
absel-734	220	76	approach	approach	VERB
absel-734	220	77	a	a	DET
absel-734	220	78	normal	normal	ADJ
absel-734	220	79	distribution	distribution	NOUN
absel-734	220	80	.	.	PUNCT
absel-734	221	1	then	then	ADV
absel-734	221	2	the	the	DET
absel-734	221	3	sum	sum	NOUN
absel-734	221	4	of	of	ADP
absel-734	221	5	the	the	DET
absel-734	221	6	discounted	discount	VERB
absel-734	221	7	mean	mean	ADJ
absel-734	221	8	values	value	NOUN
absel-734	221	9	of	of	ADP
absel-734	221	10	debt	debt	NOUN
absel-734	221	11	payoffs	payoff	NOUN
absel-734	221	12	,	,	PUNCT
absel-734	221	13	dt	dt	X
absel-734	221	14	,	,	PUNCT
absel-734	221	15	will	will	AUX
absel-734	221	16	constitute	constitute	VERB
absel-734	221	17	the	the	DET
absel-734	221	18	present	present	ADJ
absel-734	221	19	value	value	NOUN
absel-734	221	20	of	of	ADP
absel-734	221	21	the	the	DET
absel-734	221	22	fixed	fix	VERB
absel-734	221	23	rate	rate	NOUN
absel-734	221	24	coupon	coupon	NOUN
absel-734	221	25	bond	bond	NOUN
absel-734	221	26	.	.	PUNCT
absel-734	222	1	since	since	SCONJ
absel-734	222	2	the	the	DET
absel-734	222	3	debt	debt	NOUN
absel-734	222	4	payoffs	payoff	NOUN
absel-734	222	5	can	can	AUX
absel-734	222	6	be	be	AUX
absel-734	222	7	written	write	VERB
absel-734	222	8	as	as	ADP
absel-734	222	9	contingent	contingent	ADJ
absel-734	222	10	claims	claim	NOUN
absel-734	222	11	on	on	ADP
absel-734	222	12	the	the	DET
absel-734	222	13	firm	firm	NOUN
absel-734	222	14	’s	’s	PART
absel-734	222	15	assets	asset	NOUN
absel-734	222	16	,	,	PUNCT
absel-734	222	17	we	we	PRON
absel-734	222	18	can	can	AUX
absel-734	222	19	apply	apply	VERB
absel-734	222	20	the	the	DET
absel-734	222	21	risk	risk	NOUN
absel-734	222	22	neutral	neutral	ADJ
absel-734	222	23	pricing	pricing	NOUN
absel-734	222	24	argument	argument	NOUN
absel-734	222	25	and	and	CCONJ
absel-734	222	26	use	use	VERB
absel-734	222	27	the	the	DET
absel-734	222	28	risk	risk	NOUN
absel-734	222	29	free	free	ADJ
absel-734	222	30	rate	rate	NOUN
absel-734	222	31	as	as	ADP
absel-734	222	32	the	the	DET
absel-734	222	33	discount	discount	NOUN
absel-734	222	34	rate	rate	NOUN
absel-734	222	35	.	.	PUNCT
absel-734	223	1	the	the	DET
absel-734	223	2	present	present	ADJ
absel-734	223	3	value	value	NOUN
absel-734	223	4	of	of	ADP
absel-734	223	5	the	the	DET
absel-734	223	6	default	default	NOUN
absel-734	223	7	risky	risky	ADJ
absel-734	223	8	bond	bond	NOUN
absel-734	223	9	should	should	AUX
absel-734	223	10	be	be	AUX
absel-734	223	11	given	give	VERB
absel-734	223	12	by	by	ADP
absel-734	223	13	)	)	PUNCT
absel-734	223	14	33	33	NUM
absel-734	223	15	(	(	PUNCT
absel-734	223	16	)	)	PUNCT
absel-734	223	17	1	1	NUM
absel-734	223	18	(	(	PUNCT
absel-734	223	19	)	)	PUNCT
absel-734	223	20	(	(	PUNCT
absel-734	223	21	1	1	NUM
absel-734	223	22	1	1	NUM
absel-734	223	23	0	0	NUM
absel-734	223	24	∑	∑	PUNCT
absel-734	223	25	=	=	PUNCT
absel-734	224	1	=	=	PUNCT
absel-734	224	2	+	+	ADJ
absel-734	224	3	∏	∏	NOUN
absel-734	224	4	=	=	SYM
absel-734	224	5	t	t	PROPN
absel-734	224	6	t	t	PROPN
absel-734	224	7	t	t	PROPN
absel-734	224	8	t	t	PROPN
absel-734	224	9	t	t	PROPN
absel-734	224	10	t	t	PROPN
absel-734	224	11	t	t	PROPN
absel-734	224	12	rf	rf	PROPN
absel-734	224	13	de	de	PROPN
absel-734	224	14	d	d	PROPN
absel-734	224	15	instead	instead	ADV
absel-734	224	16	of	of	ADP
absel-734	224	17	calculating	calculate	VERB
absel-734	224	18	d0	d0	PROPN
absel-734	224	19	t	t	PROPN
absel-734	224	20	,	,	PUNCT
absel-734	224	21	i	i	PRON
absel-734	224	22	set	set	VERB
absel-734	224	23	d0	d0	NOUN
absel-734	224	24	t	t	NOUN
absel-734	224	25	=	=	SYM
absel-734	224	26	bf	bf	NOUN
absel-734	224	27	and	and	CCONJ
absel-734	224	28	calculate	calculate	VERB
absel-734	224	29	xf	xf	PROPN
absel-734	225	1	so	so	SCONJ
absel-734	225	2	that	that	SCONJ
absel-734	225	3	d0	d0	NOUN
absel-734	225	4	t	t	NOUN
absel-734	225	5	=	=	SYM
absel-734	225	6	bf	bf	PROPN
absel-734	225	7	.	.	PUNCT
absel-734	226	1	the	the	DET
absel-734	226	2	calculated	calculated	ADJ
absel-734	226	3	xf	xf	PROPN
absel-734	226	4	of	of	ADP
absel-734	226	5	a	a	DET
absel-734	226	6	default	default	NOUN
absel-734	226	7	risky	risky	ADJ
absel-734	226	8	coupon	coupon	NOUN
absel-734	226	9	bond	bond	NOUN
absel-734	226	10	is	be	AUX
absel-734	226	11	then	then	ADV
absel-734	226	12	compared	compare	VERB
absel-734	226	13	with	with	ADP
absel-734	226	14	that	that	PRON
absel-734	226	15	of	of	ADP
absel-734	226	16	a	a	DET
absel-734	226	17	default	default	NOUN
absel-734	226	18	free	free	ADJ
absel-734	226	19	coupon	coupon	NOUN
absel-734	226	20	bond	bond	NOUN
absel-734	226	21	,	,	PUNCT
absel-734	226	22	which	which	PRON
absel-734	226	23	should	should	AUX
absel-734	226	24	represent	represent	VERB
absel-734	226	25	the	the	DET
absel-734	226	26	credit	credit	NOUN
absel-734	226	27	spread	spread	NOUN
absel-734	226	28	of	of	ADP
absel-734	226	29	a	a	DET
absel-734	226	30	default	default	NOUN
absel-734	226	31	risky	risky	ADJ
absel-734	226	32	coupon	coupon	NOUN
absel-734	226	33	bond	bond	NOUN
absel-734	226	34	.	.	PUNCT
absel-734	227	1	instead	instead	ADV
absel-734	227	2	of	of	ADP
absel-734	227	3	calculating	calculate	VERB
absel-734	227	4	d0	d0	PROPN
absel-734	227	5	t	t	PROPN
absel-734	227	6	,	,	PUNCT
absel-734	227	7	i	i	PRON
absel-734	227	8	set	set	VERB
absel-734	227	9	d0	d0	NOUN
absel-734	227	10	t	t	NOUN
absel-734	227	11	=	=	SYM
absel-734	227	12	bf	bf	NOUN
absel-734	227	13	and	and	CCONJ
absel-734	227	14	calculate	calculate	VERB
absel-734	227	15	xf	xf	PROPN
absel-734	228	1	so	so	SCONJ
absel-734	228	2	that	that	SCONJ
absel-734	228	3	d0	d0	NOUN
absel-734	228	4	t	t	NOUN
absel-734	228	5	=	=	SYM
absel-734	228	6	bf	bf	PROPN
absel-734	228	7	.	.	PUNCT
absel-734	229	1	the	the	DET
absel-734	229	2	calculated	calculated	ADJ
absel-734	229	3	xf	xf	PROPN
absel-734	229	4	of	of	ADP
absel-734	229	5	a	a	DET
absel-734	229	6	default	default	NOUN
absel-734	229	7	risky	risky	ADJ
absel-734	229	8	coupon	coupon	NOUN
absel-734	229	9	bond	bond	NOUN
absel-734	229	10	is	be	AUX
absel-734	229	11	then	then	ADV
absel-734	229	12	compared	compare	VERB
absel-734	229	13	with	with	ADP
absel-734	229	14	that	that	PRON
absel-734	229	15	of	of	ADP
absel-734	229	16	a	a	DET
absel-734	229	17	default	default	NOUN
absel-734	229	18	free	free	ADJ
absel-734	229	19	coupon	coupon	NOUN
absel-734	229	20	bond	bond	NOUN
absel-734	229	21	,	,	PUNCT
absel-734	229	22	which	which	PRON
absel-734	229	23	should	should	AUX
absel-734	229	24	represent	represent	VERB
absel-734	229	25	the	the	DET
absel-734	229	26	credit	credit	NOUN
absel-734	229	27	spread	spread	NOUN
absel-734	229	28	of	of	ADP
absel-734	229	29	a	a	DET
absel-734	229	30	default	default	NOUN
absel-734	229	31	risky	risky	ADJ
absel-734	229	32	coupon	coupon	NOUN
absel-734	229	33	bond	bond	NOUN
absel-734	229	34	.	.	PUNCT
absel-734	230	1	floating	float	VERB
absel-734	230	2	rate	rate	NOUN
absel-734	230	3	note	note	NOUN
absel-734	230	4	floating	float	VERB
absel-734	230	5	rate	rate	NOUN
absel-734	230	6	note	note	VERB
absel-734	230	7	the	the	DET
absel-734	230	8	simulation	simulation	NOUN
absel-734	230	9	exercise	exercise	VERB
absel-734	230	10	for	for	ADP
absel-734	230	11	the	the	DET
absel-734	230	12	floating	float	VERB
absel-734	230	13	rate	rate	NOUN
absel-734	230	14	note	note	NOUN
absel-734	230	15	is	be	AUX
absel-734	230	16	very	very	ADV
absel-734	230	17	similar	similar	ADJ
absel-734	230	18	to	to	ADP
absel-734	230	19	that	that	PRON
absel-734	230	20	of	of	ADP
absel-734	230	21	the	the	DET
absel-734	230	22	fixed	fix	VERB
absel-734	230	23	rate	rate	NOUN
absel-734	230	24	coupon	coupon	NOUN
absel-734	230	25	bond	bond	NOUN
absel-734	230	26	except	except	SCONJ
absel-734	230	27	that	that	SCONJ
absel-734	230	28	the	the	DET
absel-734	230	29	coupon	coupon	NOUN
absel-734	230	30	payments	payment	NOUN
absel-734	230	31	of	of	ADP
absel-734	230	32	the	the	DET
absel-734	230	33	floating	float	VERB
absel-734	230	34	rate	rate	NOUN
absel-734	230	35	note	note	NOUN
absel-734	230	36	are	be	AUX
absel-734	230	37	not	not	PART
absel-734	230	38	fixed	fix	VERB
absel-734	230	39	but	but	CCONJ
absel-734	230	40	stochastic	stochastic	NOUN
absel-734	230	41	.	.	PUNCT
absel-734	231	1	according	accord	VERB
absel-734	231	2	to	to	ADP
absel-734	231	3	my	my	PRON
absel-734	231	4	assumptions	assumption	NOUN
absel-734	231	5	,	,	PUNCT
absel-734	231	6	the	the	DET
absel-734	231	7	floating	float	VERB
absel-734	231	8	coupon	coupon	NOUN
absel-734	231	9	payments	payment	NOUN
absel-734	231	10	at	at	ADP
absel-734	231	11	each	each	DET
absel-734	231	12	period	period	NOUN
absel-734	231	13	are	be	AUX
absel-734	231	14	given	give	VERB
absel-734	231	15	by	by	ADP
absel-734	231	16	the	the	DET
absel-734	231	17	simulation	simulation	NOUN
absel-734	231	18	exercise	exercise	NOUN
absel-734	231	19	for	for	ADP
absel-734	231	20	the	the	DET
absel-734	231	21	floating	float	VERB
absel-734	231	22	rate	rate	NOUN
absel-734	231	23	note	note	NOUN
absel-734	231	24	is	be	AUX
absel-734	231	25	very	very	ADV
absel-734	231	26	similar	similar	ADJ
absel-734	231	27	to	to	ADP
absel-734	231	28	that	that	PRON
absel-734	231	29	of	of	ADP
absel-734	231	30	the	the	DET
absel-734	231	31	fixed	fix	VERB
absel-734	231	32	rate	rate	NOUN
absel-734	231	33	coupon	coupon	NOUN
absel-734	231	34	bond	bond	NOUN
absel-734	231	35	except	except	SCONJ
absel-734	231	36	that	that	SCONJ
absel-734	231	37	the	the	DET
absel-734	231	38	coupon	coupon	NOUN
absel-734	231	39	payments	payment	NOUN
absel-734	231	40	of	of	ADP
absel-734	231	41	the	the	DET
absel-734	231	42	floating	float	VERB
absel-734	231	43	rate	rate	NOUN
absel-734	231	44	note	note	NOUN
absel-734	231	45	are	be	AUX
absel-734	231	46	not	not	PART
absel-734	231	47	fixed	fix	VERB
absel-734	231	48	but	but	CCONJ
absel-734	231	49	stochastic	stochastic	NOUN
absel-734	231	50	.	.	PUNCT
absel-734	232	1	according	accord	VERB
absel-734	232	2	to	to	ADP
absel-734	232	3	my	my	PRON
absel-734	232	4	assumptions	assumption	NOUN
absel-734	232	5	,	,	PUNCT
absel-734	232	6	the	the	DET
absel-734	232	7	floating	float	VERB
absel-734	232	8	coupon	coupon	NOUN
absel-734	232	9	payments	payment	NOUN
absel-734	232	10	at	at	ADP
absel-734	232	11	each	each	DET
absel-734	232	12	period	period	NOUN
absel-734	232	13	are	be	AUX
absel-734	232	14	given	give	VERB
absel-734	232	15	by	by	ADP
absel-734	232	16	xxt	xxt	PROPN
absel-734	232	17	=	=	SYM
absel-734	232	18	bf	bf	NOUN
absel-734	232	19	(	(	PUNCT
absel-734	232	20	rft-1	rft-1	X
absel-734	232	21	+	+	NUM
absel-734	232	22	mk	mk	NOUN
absel-734	232	23	)	)	PUNCT
absel-734	232	24	(	(	PUNCT
absel-734	232	25	34	34	NUM
absel-734	232	26	)	)	PUNCT
absel-734	232	27	xxt	xxt	NOUN
absel-734	232	28	=	=	SYM
absel-734	232	29	bf	bf	NOUN
absel-734	232	30	(	(	PUNCT
absel-734	232	31	rft-1	rft-1	X
absel-734	232	32	+	+	NUM
absel-734	232	33	mk	mk	NOUN
absel-734	232	34	)	)	PUNCT
absel-734	232	35	(	(	PUNCT
absel-734	232	36	34	34	NUM
absel-734	232	37	)	)	PUNCT
absel-734	232	38	i	i	PRON
absel-734	232	39	then	then	ADV
absel-734	232	40	run	run	VERB
absel-734	232	41	simulation	simulation	NOUN
absel-734	232	42	processes	process	NOUN
absel-734	232	43	as	as	ADP
absel-734	232	44	those	those	PRON
absel-734	232	45	described	describe	VERB
absel-734	232	46	in	in	ADP
absel-734	232	47	the	the	DET
absel-734	232	48	fixed	fix	VERB
absel-734	232	49	rate	rate	NOUN
absel-734	232	50	coupon	coupon	NOUN
absel-734	232	51	bond	bond	NOUN
absel-734	232	52	for	for	ADP
absel-734	232	53	the	the	DET
absel-734	232	54	values	value	NOUN
absel-734	232	55	of	of	ADP
absel-734	232	56	rft	rft	PROPN
absel-734	232	57	,	,	PUNCT
absel-734	232	58	vt	vt	PROPN
absel-734	232	59	,	,	PUNCT
absel-734	232	60	dt	dt	X
absel-734	232	61	,	,	PUNCT
absel-734	232	62	and	and	CCONJ
absel-734	232	63	et	et	NOUN
absel-734	232	64	.	.	PUNCT
absel-734	233	1	the	the	DET
absel-734	233	2	present	present	ADJ
absel-734	233	3	value	value	NOUN
absel-734	233	4	of	of	ADP
absel-734	233	5	the	the	DET
absel-734	233	6	floating	float	VERB
absel-734	233	7	rate	rate	NOUN
absel-734	233	8	note	note	NOUN
absel-734	233	9	at	at	ADP
absel-734	233	10	t	t	PROPN
absel-734	233	11	=	=	SYM
absel-734	233	12	0	0	NUM
absel-734	233	13	is	be	AUX
absel-734	233	14	obtained	obtain	VERB
absel-734	233	15	by	by	ADP
absel-734	233	16	discounting	discount	VERB
absel-734	233	17	all	all	DET
absel-734	233	18	the	the	DET
absel-734	233	19	expected	expect	VERB
absel-734	233	20	values	value	NOUN
absel-734	233	21	of	of	ADP
absel-734	233	22	dt	dt	PROPN
absel-734	233	23	at	at	ADP
absel-734	233	24	the	the	DET
absel-734	233	25	risk	risk	NOUN
absel-734	233	26	free	free	ADJ
absel-734	233	27	rate	rate	NOUN
absel-734	233	28	.	.	PUNCT
absel-734	234	1	similarly	similarly	ADV
absel-734	234	2	,	,	PUNCT
absel-734	234	3	by	by	ADP
absel-734	234	4	setting	set	VERB
absel-734	234	5	d0	d0	NOUN
absel-734	234	6	t	t	NOUN
absel-734	234	7	=	=	SYM
absel-734	234	8	bf	bf	NOUN
absel-734	234	9	,	,	PUNCT
absel-734	234	10	we	we	PRON
absel-734	234	11	can	can	AUX
absel-734	234	12	obtain	obtain	VERB
absel-734	234	13	the	the	DET
absel-734	234	14	value	value	NOUN
absel-734	234	15	of	of	ADP
absel-734	234	16	mk	mk	PROPN
absel-734	234	17	,	,	PUNCT
absel-734	234	18	which	which	PRON
absel-734	234	19	should	should	AUX
absel-734	234	20	represent	represent	VERB
absel-734	234	21	the	the	DET
absel-734	234	22	credit	credit	NOUN
absel-734	234	23	risk	risk	NOUN
absel-734	234	24	premium	premium	NOUN
absel-734	234	25	of	of	ADP
absel-734	234	26	the	the	DET
absel-734	234	27	default	default	NOUN
absel-734	234	28	risky	risky	ADJ
absel-734	234	29	floating	float	VERB
absel-734	234	30	rate	rate	NOUN
absel-734	234	31	note	note	NOUN
absel-734	234	32	.	.	PUNCT
absel-734	235	1	the	the	DET
absel-734	235	2	technical	technical	ADJ
absel-734	235	3	details	detail	NOUN
absel-734	235	4	of	of	ADP
absel-734	235	5	the	the	DET
absel-734	235	6	simulation	simulation	NOUN
absel-734	235	7	programs	program	NOUN
absel-734	235	8	for	for	ADP
absel-734	235	9	the	the	DET
absel-734	235	10	fixed	fix	VERB
absel-734	235	11	rate	rate	NOUN
absel-734	235	12	coupon	coupon	NOUN
absel-734	235	13	paying	pay	VERB
absel-734	235	14	bond	bond	NOUN
absel-734	235	15	and	and	CCONJ
absel-734	235	16	the	the	DET
absel-734	235	17	floating	float	VERB
absel-734	235	18	rate	rate	NOUN
absel-734	235	19	note	note	NOUN
absel-734	235	20	can	can	AUX
absel-734	235	21	be	be	AUX
absel-734	235	22	obtained	obtain	VERB
absel-734	235	23	by	by	ADP
absel-734	235	24	writing	write	VERB
absel-734	235	25	to	to	ADP
absel-734	235	26	the	the	DET
absel-734	235	27	author	author	NOUN
absel-734	235	28	.	.	PUNCT
absel-734	236	1	i	i	PRON
absel-734	236	2	then	then	ADV
absel-734	236	3	run	run	VERB
absel-734	236	4	simulation	simulation	NOUN
absel-734	236	5	processes	process	NOUN
absel-734	236	6	as	as	ADP
absel-734	236	7	those	those	PRON
absel-734	236	8	described	describe	VERB
absel-734	236	9	in	in	ADP
absel-734	236	10	the	the	DET
absel-734	236	11	fixed	fix	VERB
absel-734	236	12	rate	rate	NOUN
absel-734	236	13	coupon	coupon	NOUN
absel-734	236	14	bond	bond	NOUN
absel-734	236	15	for	for	ADP
absel-734	236	16	the	the	DET
absel-734	236	17	values	value	NOUN
absel-734	236	18	of	of	ADP
absel-734	236	19	rft	rft	PROPN
absel-734	236	20	,	,	PUNCT
absel-734	236	21	vt	vt	PROPN
absel-734	236	22	,	,	PUNCT
absel-734	236	23	dt	dt	X
absel-734	236	24	,	,	PUNCT
absel-734	236	25	and	and	CCONJ
absel-734	236	26	et	et	NOUN
absel-734	236	27	.	.	PUNCT
absel-734	237	1	the	the	DET
absel-734	237	2	present	present	ADJ
absel-734	237	3	value	value	NOUN
absel-734	237	4	of	of	ADP
absel-734	237	5	the	the	DET
absel-734	237	6	floating	float	VERB
absel-734	237	7	rate	rate	NOUN
absel-734	237	8	note	note	NOUN
absel-734	237	9	at	at	ADP
absel-734	237	10	t	t	PROPN
absel-734	237	11	=	=	SYM
absel-734	237	12	0	0	NUM
absel-734	237	13	is	be	AUX
absel-734	237	14	obtained	obtain	VERB
absel-734	237	15	by	by	ADP
absel-734	237	16	discounting	discount	VERB
absel-734	237	17	all	all	DET
absel-734	237	18	the	the	DET
absel-734	237	19	expected	expect	VERB
absel-734	237	20	values	value	NOUN
absel-734	237	21	of	of	ADP
absel-734	237	22	dt	dt	PROPN
absel-734	237	23	at	at	ADP
absel-734	237	24	the	the	DET
absel-734	237	25	risk	risk	NOUN
absel-734	237	26	free	free	ADJ
absel-734	237	27	rate	rate	NOUN
absel-734	237	28	.	.	PUNCT
absel-734	238	1	similarly	similarly	ADV
absel-734	238	2	,	,	PUNCT
absel-734	238	3	by	by	ADP
absel-734	238	4	setting	set	VERB
absel-734	238	5	d0	d0	NOUN
absel-734	238	6	t	t	NOUN
absel-734	238	7	=	=	SYM
absel-734	238	8	bf	bf	NOUN
absel-734	238	9	,	,	PUNCT
absel-734	238	10	we	we	PRON
absel-734	238	11	can	can	AUX
absel-734	238	12	obtain	obtain	VERB
absel-734	238	13	the	the	DET
absel-734	238	14	value	value	NOUN
absel-734	238	15	of	of	ADP
absel-734	238	16	mk	mk	PROPN
absel-734	238	17	,	,	PUNCT
absel-734	238	18	which	which	PRON
absel-734	238	19	should	should	AUX
absel-734	238	20	represent	represent	VERB
absel-734	238	21	the	the	DET
absel-734	238	22	credit	credit	NOUN
absel-734	238	23	risk	risk	NOUN
absel-734	238	24	premium	premium	NOUN
absel-734	238	25	of	of	ADP
absel-734	238	26	the	the	DET
absel-734	238	27	default	default	NOUN
absel-734	238	28	risky	risky	ADJ
absel-734	238	29	floating	float	VERB
absel-734	238	30	rate	rate	NOUN
absel-734	238	31	note	note	NOUN
absel-734	238	32	.	.	PUNCT
absel-734	239	1	the	the	DET
absel-734	239	2	technical	technical	ADJ
absel-734	239	3	details	detail	NOUN
absel-734	239	4	of	of	ADP
absel-734	239	5	the	the	DET
absel-734	239	6	simulation	simulation	NOUN
absel-734	239	7	programs	program	NOUN
absel-734	239	8	for	for	ADP
absel-734	239	9	the	the	DET
absel-734	239	10	fixed	fix	VERB
absel-734	239	11	rate	rate	NOUN
absel-734	239	12	coupon	coupon	NOUN
absel-734	239	13	paying	pay	VERB
absel-734	239	14	bond	bond	NOUN
absel-734	239	15	and	and	CCONJ
absel-734	239	16	the	the	DET
absel-734	239	17	floating	float	VERB
absel-734	239	18	rate	rate	NOUN
absel-734	239	19	note	note	NOUN
absel-734	239	20	can	can	AUX
absel-734	239	21	be	be	AUX
absel-734	239	22	obtained	obtain	VERB
absel-734	239	23	by	by	ADP
absel-734	239	24	writing	write	VERB
absel-734	239	25	to	to	ADP
absel-734	239	26	the	the	DET
absel-734	239	27	author	author	NOUN
absel-734	239	28	.	.	PUNCT
absel-734	240	1	simulation	simulation	NOUN
absel-734	240	2	results	result	NOUN
absel-734	240	3	and	and	CCONJ
absel-734	240	4	conclusions	conclusion	NOUN
absel-734	240	5	simulation	simulation	NOUN
absel-734	240	6	results	result	NOUN
absel-734	240	7	and	and	CCONJ
absel-734	240	8	conclusions	conclusion	NOUN
absel-734	240	9	the	the	DET
absel-734	240	10	purpose	purpose	NOUN
absel-734	240	11	of	of	ADP
absel-734	240	12	the	the	DET
absel-734	240	13	simulation	simulation	NOUN
absel-734	240	14	exercise	exercise	NOUN
absel-734	240	15	carried	carry	VERB
absel-734	240	16	out	out	ADP
absel-734	240	17	in	in	ADP
absel-734	240	18	this	this	DET
absel-734	240	19	paper	paper	NOUN
absel-734	240	20	is	be	AUX
absel-734	240	21	to	to	PART
absel-734	240	22	study	study	VERB
absel-734	240	23	the	the	DET
absel-734	240	24	behaviour	behaviour	NOUN
absel-734	240	25	of	of	ADP
absel-734	240	26	risk	risk	NOUN
absel-734	240	27	premia	premia	NOUN
absel-734	240	28	of	of	ADP
absel-734	240	29	fixed	fix	VERB
absel-734	240	30	coupon	coupon	NOUN
absel-734	240	31	bonds	bond	NOUN
absel-734	240	32	and	and	CCONJ
absel-734	240	33	floating	float	VERB
absel-734	240	34	rate	rate	NOUN
absel-734	240	35	notes	note	NOUN
absel-734	240	36	along	along	ADP
absel-734	240	37	different	different	ADJ
absel-734	240	38	times	time	NOUN
absel-734	240	39	to	to	ADP
absel-734	240	40	maturity	maturity	NOUN
absel-734	240	41	.	.	PUNCT
absel-734	241	1	the	the	DET
absel-734	241	2	results	result	NOUN
absel-734	241	3	are	be	AUX
absel-734	241	4	expected	expect	VERB
absel-734	241	5	to	to	PART
absel-734	241	6	provide	provide	VERB
absel-734	241	7	evidence	evidence	NOUN
absel-734	241	8	on	on	ADP
absel-734	241	9	the	the	DET
absel-734	241	10	existence	existence	NOUN
absel-734	241	11	of	of	ADP
absel-734	241	12	quality	quality	NOUN
absel-734	241	13	spread	spread	VERB
absel-734	241	14	differentials	differential	NOUN
absel-734	241	15	so	so	SCONJ
absel-734	241	16	that	that	SCONJ
absel-734	241	17	two	two	NUM
absel-734	241	18	firms	firm	NOUN
absel-734	241	19	can	can	AUX
absel-734	241	20	reduce	reduce	VERB
absel-734	241	21	their	their	PRON
absel-734	241	22	borrowing	borrowing	NOUN
absel-734	241	23	costs	cost	NOUN
absel-734	241	24	through	through	ADP
absel-734	241	25	interest	interest	NOUN
absel-734	241	26	rate	rate	NOUN
absel-734	241	27	swaps	swap	NOUN
absel-734	241	28	.	.	PUNCT
absel-734	242	1	i	i	PRON
absel-734	242	2	discuss	discuss	VERB
absel-734	242	3	these	these	DET
absel-734	242	4	results	result	NOUN
absel-734	242	5	below	below	ADV
absel-734	242	6	.	.	PUNCT
absel-734	243	1	the	the	DET
absel-734	243	2	purpose	purpose	NOUN
absel-734	243	3	of	of	ADP
absel-734	243	4	the	the	DET
absel-734	243	5	simulation	simulation	NOUN
absel-734	243	6	exercise	exercise	NOUN
absel-734	243	7	carried	carry	VERB
absel-734	243	8	out	out	ADP
absel-734	243	9	in	in	ADP
absel-734	243	10	this	this	DET
absel-734	243	11	paper	paper	NOUN
absel-734	243	12	is	be	AUX
absel-734	243	13	to	to	PART
absel-734	243	14	study	study	VERB
absel-734	243	15	the	the	DET
absel-734	243	16	behaviour	behaviour	NOUN
absel-734	243	17	of	of	ADP
absel-734	243	18	risk	risk	NOUN
absel-734	243	19	premia	premia	NOUN
absel-734	243	20	of	of	ADP
absel-734	243	21	fixed	fix	VERB
absel-734	243	22	coupon	coupon	NOUN
absel-734	243	23	bonds	bond	NOUN
absel-734	243	24	and	and	CCONJ
absel-734	243	25	floating	float	VERB
absel-734	243	26	rate	rate	NOUN
absel-734	243	27	notes	note	NOUN
absel-734	243	28	along	along	ADP
absel-734	243	29	different	different	ADJ
absel-734	243	30	times	time	NOUN
absel-734	243	31	to	to	ADP
absel-734	243	32	maturity	maturity	NOUN
absel-734	243	33	.	.	PUNCT
absel-734	244	1	the	the	DET
absel-734	244	2	results	result	NOUN
absel-734	244	3	are	be	AUX
absel-734	244	4	expected	expect	VERB
absel-734	244	5	to	to	PART
absel-734	244	6	provide	provide	VERB
absel-734	244	7	evidence	evidence	NOUN
absel-734	244	8	on	on	ADP
absel-734	244	9	the	the	DET
absel-734	244	10	existence	existence	NOUN
absel-734	244	11	of	of	ADP
absel-734	244	12	quality	quality	NOUN
absel-734	244	13	spread	spread	VERB
absel-734	244	14	differentials	differential	NOUN
absel-734	244	15	so	so	SCONJ
absel-734	244	16	that	that	SCONJ
absel-734	244	17	two	two	NUM
absel-734	244	18	firms	firm	NOUN
absel-734	244	19	can	can	AUX
absel-734	244	20	reduce	reduce	VERB
absel-734	244	21	their	their	PRON
absel-734	244	22	borrowing	borrowing	NOUN
absel-734	244	23	costs	cost	NOUN
absel-734	244	24	through	through	ADP
absel-734	244	25	interest	interest	NOUN
absel-734	244	26	rate	rate	NOUN
absel-734	244	27	swaps	swap	NOUN
absel-734	244	28	.	.	PUNCT
absel-734	245	1	i	i	PRON
absel-734	245	2	discuss	discuss	VERB
absel-734	245	3	these	these	DET
absel-734	245	4	results	result	NOUN
absel-734	245	5	below	below	ADV
absel-734	245	6	.	.	PUNCT
absel-734	246	1	firstly	firstly	ADV
absel-734	246	2	,	,	PUNCT
absel-734	246	3	i	i	PRON
absel-734	246	4	check	check	VERB
absel-734	246	5	if	if	SCONJ
absel-734	246	6	the	the	DET
absel-734	246	7	results	result	NOUN
absel-734	246	8	are	be	AUX
absel-734	246	9	consistent	consistent	ADJ
absel-734	246	10	with	with	ADP
absel-734	246	11	the	the	DET
absel-734	246	12	valuation	valuation	NOUN
absel-734	246	13	theories	theory	NOUN
absel-734	246	14	of	of	ADP
absel-734	246	15	firms	firm	NOUN
absel-734	246	16	’	’	PART
absel-734	246	17	debts	debt	NOUN
absel-734	246	18	.	.	PUNCT
absel-734	247	1	i	i	PRON
absel-734	247	2	focus	focus	VERB
absel-734	247	3	on	on	ADP
absel-734	247	4	the	the	DET
absel-734	247	5	behaviour	behaviour	NOUN
absel-734	247	6	of	of	ADP
absel-734	247	7	the	the	DET
absel-734	247	8	fixed	fix	VERB
absel-734	247	9	coupon	coupon	NOUN
absel-734	247	10	rate	rate	NOUN
absel-734	247	11	and	and	CCONJ
absel-734	247	12	the	the	DET
absel-734	247	13	floating	float	VERB
absel-734	247	14	rate	rate	NOUN
absel-734	247	15	relative	relative	ADJ
absel-734	247	16	to	to	ADP
absel-734	247	17	a	a	DET
absel-734	247	18	firm	firm	NOUN
absel-734	247	19	’s	’s	PART
absel-734	247	20	leverage	leverage	NOUN
absel-734	247	21	and	and	CCONJ
absel-734	247	22	assets	asset	NOUN
absel-734	247	23	volatility	volatility	NOUN
absel-734	247	24	,	,	PUNCT
absel-734	247	25	given	give	VERB
absel-734	247	26	the	the	DET
absel-734	247	27	default	default	NOUN
absel-734	247	28	free	free	ADJ
absel-734	247	29	rate	rate	NOUN
absel-734	247	30	.	.	PUNCT
absel-734	248	1	table	table	NOUN
absel-734	248	2	1	1	NUM
absel-734	248	3	shows	show	VERB
absel-734	248	4	a	a	DET
absel-734	248	5	selection	selection	NOUN
absel-734	248	6	of	of	ADP
absel-734	248	7	fixed	fix	VERB
absel-734	248	8	rates	rate	NOUN
absel-734	248	9	values	value	NOUN
absel-734	248	10	and	and	CCONJ
absel-734	248	11	the	the	DET
absel-734	248	12	mark	mark	NOUN
absel-734	248	13	-	-	PUNCT
absel-734	248	14	up	up	NOUN
absel-734	248	15	over	over	ADP
absel-734	248	16	the	the	DET
absel-734	248	17	default	default	NOUN
absel-734	248	18	free	free	ADJ
absel-734	248	19	floating	float	VERB
absel-734	248	20	rates	rate	NOUN
absel-734	248	21	.	.	PUNCT
absel-734	249	1	both	both	CCONJ
absel-734	249	2	the	the	DET
absel-734	249	3	fixed	fix	VERB
absel-734	249	4	rates	rate	NOUN
absel-734	249	5	and	and	CCONJ
absel-734	249	6	the	the	DET
absel-734	249	7	mark	mark	NOUN
absel-734	249	8	-	-	PUNCT
absel-734	249	9	up	up	ADP
absel-734	249	10	increase	increase	NOUN
absel-734	249	11	with	with	ADP
absel-734	249	12	the	the	DET
absel-734	249	13	firm	firm	NOUN
absel-734	249	14	’s	’s	PART
absel-734	249	15	leverage	leverage	NOUN
absel-734	249	16	and	and	CCONJ
absel-734	249	17	assets	asset	NOUN
absel-734	249	18	volatility	volatility	NOUN
absel-734	249	19	in	in	ADP
absel-734	249	20	both	both	CCONJ
absel-734	249	21	short	short	ADJ
absel-734	249	22	-	-	PUNCT
absel-734	249	23	term	term	NOUN
absel-734	249	24	and	and	CCONJ
absel-734	249	25	long	long	ADJ
absel-734	249	26	-	-	PUNCT
absel-734	249	27	term	term	NOUN
absel-734	249	28	maturity	maturity	NOUN
absel-734	249	29	.	.	PUNCT
absel-734	250	1	when	when	SCONJ
absel-734	250	2	the	the	DET
absel-734	250	3	firm	firm	NOUN
absel-734	250	4	’s	’s	PART
absel-734	250	5	leverage	leverage	NOUN
absel-734	250	6	becomes	become	VERB
absel-734	250	7	high	high	ADJ
absel-734	250	8	,	,	PUNCT
absel-734	250	9	e.g.	e.g.	ADV
absel-734	250	10	70	70	NUM
absel-734	250	11	%	%	NOUN
absel-734	250	12	of	of	ADP
absel-734	250	13	debt	debt	NOUN
absel-734	250	14	to	to	ADP
absel-734	250	15	assets	asset	NOUN
absel-734	250	16	ratio	ratio	NOUN
absel-734	250	17	or	or	CCONJ
absel-734	250	18	higher	high	ADJ
absel-734	250	19	,	,	PUNCT
absel-734	250	20	the	the	DET
absel-734	250	21	fixed	fix	VERB
absel-734	250	22	rates	rate	NOUN
absel-734	250	23	and	and	CCONJ
absel-734	250	24	the	the	DET
absel-734	250	25	mark	mark	NOUN
absel-734	250	26	-	-	PUNCT
absel-734	250	27	up	up	NOUN
absel-734	250	28	will	will	AUX
absel-734	250	29	increase	increase	VERB
absel-734	250	30	sharply	sharply	ADV
absel-734	250	31	.	.	PUNCT
absel-734	251	1	similarly	similarly	ADV
absel-734	251	2	,	,	PUNCT
absel-734	251	3	when	when	SCONJ
absel-734	251	4	the	the	DET
absel-734	251	5	firm	firm	NOUN
absel-734	251	6	’s	’s	PART
absel-734	251	7	assets	asset	NOUN
absel-734	251	8	volatility	volatility	NOUN
absel-734	251	9	becomes	become	VERB
absel-734	251	10	high	high	ADJ
absel-734	251	11	,	,	PUNCT
absel-734	251	12	the	the	DET
absel-734	251	13	fixed	fix	VERB
absel-734	251	14	rates	rate	NOUN
absel-734	251	15	and	and	CCONJ
absel-734	251	16	the	the	DET
absel-734	251	17	mark	mark	NOUN
absel-734	251	18	-	-	PUNCT
absel-734	251	19	up	up	NOUN
absel-734	251	20	will	will	AUX
absel-734	251	21	increase	increase	VERB
absel-734	251	22	.	.	PUNCT
absel-734	252	1	however	however	ADV
absel-734	252	2	,	,	PUNCT
absel-734	252	3	the	the	DET
absel-734	252	4	impact	impact	NOUN
absel-734	252	5	of	of	ADP
absel-734	252	6	an	an	DET
absel-734	252	7	increased	increase	VERB
absel-734	252	8	leverage	leverage	NOUN
absel-734	252	9	on	on	ADP
absel-734	252	10	the	the	DET
absel-734	252	11	fixed	fix	VERB
absel-734	252	12	rates	rate	NOUN
absel-734	252	13	and	and	CCONJ
absel-734	252	14	the	the	DET
absel-734	252	15	mark	mark	NOUN
absel-734	252	16	-	-	PUNCT
absel-734	252	17	up	up	NOUN
absel-734	252	18	is	be	AUX
absel-734	252	19	higher	high	ADJ
absel-734	252	20	than	than	ADP
absel-734	252	21	that	that	PRON
absel-734	252	22	of	of	ADP
absel-734	252	23	an	an	DET
absel-734	252	24	increased	increase	VERB
absel-734	252	25	assets	asset	NOUN
absel-734	252	26	volatility	volatility	NOUN
absel-734	252	27	.	.	PUNCT
absel-734	253	1	both	both	CCONJ
absel-734	253	2	the	the	DET
absel-734	253	3	firm	firm	NOUN
absel-734	253	4	’s	’s	PART
absel-734	253	5	leverage	leverage	NOUN
absel-734	253	6	and	and	CCONJ
absel-734	253	7	assets	asset	NOUN
absel-734	253	8	firstly	firstly	ADV
absel-734	253	9	,	,	PUNCT
absel-734	253	10	i	i	PRON
absel-734	253	11	check	check	VERB
absel-734	253	12	if	if	SCONJ
absel-734	253	13	the	the	DET
absel-734	253	14	results	result	NOUN
absel-734	253	15	are	be	AUX
absel-734	253	16	consistent	consistent	ADJ
absel-734	253	17	with	with	ADP
absel-734	253	18	the	the	DET
absel-734	253	19	valuation	valuation	NOUN
absel-734	253	20	theories	theory	NOUN
absel-734	253	21	of	of	ADP
absel-734	253	22	firms	firm	NOUN
absel-734	253	23	’	’	PART
absel-734	253	24	debts	debt	NOUN
absel-734	253	25	.	.	PUNCT
absel-734	254	1	i	i	PRON
absel-734	254	2	focus	focus	VERB
absel-734	254	3	on	on	ADP
absel-734	254	4	the	the	DET
absel-734	254	5	behaviour	behaviour	NOUN
absel-734	254	6	of	of	ADP
absel-734	254	7	the	the	DET
absel-734	254	8	fixed	fix	VERB
absel-734	254	9	coupon	coupon	NOUN
absel-734	254	10	rate	rate	NOUN
absel-734	254	11	and	and	CCONJ
absel-734	254	12	the	the	DET
absel-734	254	13	floating	float	VERB
absel-734	254	14	rate	rate	NOUN
absel-734	254	15	relative	relative	ADJ
absel-734	254	16	to	to	ADP
absel-734	254	17	a	a	DET
absel-734	254	18	firm	firm	NOUN
absel-734	254	19	’s	’s	PART
absel-734	254	20	leverage	leverage	NOUN
absel-734	254	21	and	and	CCONJ
absel-734	254	22	assets	asset	NOUN
absel-734	254	23	volatility	volatility	NOUN
absel-734	254	24	,	,	PUNCT
absel-734	254	25	given	give	VERB
absel-734	254	26	the	the	DET
absel-734	254	27	default	default	NOUN
absel-734	254	28	free	free	ADJ
absel-734	254	29	rate	rate	NOUN
absel-734	254	30	.	.	PUNCT
absel-734	255	1	table	table	NOUN
absel-734	255	2	1	1	NUM
absel-734	255	3	shows	show	VERB
absel-734	255	4	a	a	DET
absel-734	255	5	selection	selection	NOUN
absel-734	255	6	of	of	ADP
absel-734	255	7	fixed	fix	VERB
absel-734	255	8	rates	rate	NOUN
absel-734	255	9	values	value	NOUN
absel-734	255	10	and	and	CCONJ
absel-734	255	11	the	the	DET
absel-734	255	12	mark	mark	NOUN
absel-734	255	13	-	-	PUNCT
absel-734	255	14	up	up	NOUN
absel-734	255	15	over	over	ADP
absel-734	255	16	the	the	DET
absel-734	255	17	default	default	NOUN
absel-734	255	18	free	free	ADJ
absel-734	255	19	floating	float	VERB
absel-734	255	20	rates	rate	NOUN
absel-734	255	21	.	.	PUNCT
absel-734	256	1	both	both	CCONJ
absel-734	256	2	the	the	DET
absel-734	256	3	fixed	fix	VERB
absel-734	256	4	rates	rate	NOUN
absel-734	256	5	and	and	CCONJ
absel-734	256	6	the	the	DET
absel-734	256	7	mark	mark	NOUN
absel-734	256	8	-	-	PUNCT
absel-734	256	9	up	up	ADP
absel-734	256	10	increase	increase	NOUN
absel-734	256	11	with	with	ADP
absel-734	256	12	the	the	DET
absel-734	256	13	firm	firm	NOUN
absel-734	256	14	’s	’s	PART
absel-734	256	15	leverage	leverage	NOUN
absel-734	256	16	and	and	CCONJ
absel-734	256	17	assets	asset	NOUN
absel-734	256	18	volatility	volatility	NOUN
absel-734	256	19	in	in	ADP
absel-734	256	20	both	both	CCONJ
absel-734	256	21	short	short	ADJ
absel-734	256	22	-	-	PUNCT
absel-734	256	23	term	term	NOUN
absel-734	256	24	and	and	CCONJ
absel-734	256	25	long	long	ADJ
absel-734	256	26	-	-	PUNCT
absel-734	256	27	term	term	NOUN
absel-734	256	28	maturity	maturity	NOUN
absel-734	256	29	.	.	PUNCT
absel-734	257	1	when	when	SCONJ
absel-734	257	2	the	the	DET
absel-734	257	3	firm	firm	NOUN
absel-734	257	4	’s	’s	PART
absel-734	257	5	leverage	leverage	NOUN
absel-734	257	6	becomes	become	VERB
absel-734	257	7	high	high	ADJ
absel-734	257	8	,	,	PUNCT
absel-734	257	9	e.g.	e.g.	ADV
absel-734	257	10	70	70	NUM
absel-734	257	11	%	%	NOUN
absel-734	257	12	of	of	ADP
absel-734	257	13	debt	debt	NOUN
absel-734	257	14	to	to	ADP
absel-734	257	15	assets	asset	NOUN
absel-734	257	16	ratio	ratio	NOUN
absel-734	257	17	or	or	CCONJ
absel-734	257	18	higher	high	ADJ
absel-734	257	19	,	,	PUNCT
absel-734	257	20	the	the	DET
absel-734	257	21	fixed	fix	VERB
absel-734	257	22	rates	rate	NOUN
absel-734	257	23	and	and	CCONJ
absel-734	257	24	the	the	DET
absel-734	257	25	mark	mark	NOUN
absel-734	257	26	-	-	PUNCT
absel-734	257	27	up	up	NOUN
absel-734	257	28	will	will	AUX
absel-734	257	29	increase	increase	VERB
absel-734	257	30	sharply	sharply	ADV
absel-734	257	31	.	.	PUNCT
absel-734	258	1	similarly	similarly	ADV
absel-734	258	2	,	,	PUNCT
absel-734	258	3	when	when	SCONJ
absel-734	258	4	the	the	DET
absel-734	258	5	firm	firm	NOUN
absel-734	258	6	’s	’s	PART
absel-734	258	7	assets	asset	NOUN
absel-734	258	8	volatility	volatility	NOUN
absel-734	258	9	becomes	become	VERB
absel-734	258	10	high	high	ADJ
absel-734	258	11	,	,	PUNCT
absel-734	258	12	the	the	DET
absel-734	258	13	fixed	fix	VERB
absel-734	258	14	rates	rate	NOUN
absel-734	258	15	and	and	CCONJ
absel-734	258	16	the	the	DET
absel-734	258	17	mark	mark	NOUN
absel-734	258	18	-	-	PUNCT
absel-734	258	19	up	up	NOUN
absel-734	258	20	will	will	AUX
absel-734	258	21	increase	increase	VERB
absel-734	258	22	.	.	PUNCT
absel-734	259	1	however	however	ADV
absel-734	259	2	,	,	PUNCT
absel-734	259	3	the	the	DET
absel-734	259	4	impact	impact	NOUN
absel-734	259	5	of	of	ADP
absel-734	259	6	an	an	DET
absel-734	259	7	increased	increase	VERB
absel-734	259	8	leverage	leverage	NOUN
absel-734	259	9	on	on	ADP
absel-734	259	10	the	the	DET
absel-734	259	11	fixed	fix	VERB
absel-734	259	12	rates	rate	NOUN
absel-734	259	13	and	and	CCONJ
absel-734	259	14	the	the	DET
absel-734	259	15	mark	mark	NOUN
absel-734	259	16	-	-	PUNCT
absel-734	259	17	up	up	NOUN
absel-734	259	18	is	be	AUX
absel-734	259	19	higher	high	ADJ
absel-734	259	20	than	than	ADP
absel-734	259	21	that	that	PRON
absel-734	259	22	of	of	ADP
absel-734	259	23	an	an	DET
absel-734	259	24	increased	increase	VERB
absel-734	259	25	assets	asset	NOUN
absel-734	259	26	volatility	volatility	NOUN
absel-734	259	27	.	.	PUNCT
absel-734	260	1	both	both	CCONJ
absel-734	260	2	the	the	DET
absel-734	260	3	firm	firm	NOUN
absel-734	260	4	’s	’s	PART
absel-734	260	5	leverage	leverage	NOUN
absel-734	260	6	and	and	CCONJ
absel-734	260	7	assets	asset	NOUN
absel-734	260	8	264	264	NUM
absel-734	260	9	developments	development	NOUN
absel-734	260	10	in	in	ADP
absel-734	260	11	business	business	NOUN
absel-734	260	12	simulation	simulation	NOUN
absel-734	260	13	and	and	CCONJ
absel-734	260	14	experiential	experiential	ADJ
absel-734	260	15	learning	learning	NOUN
absel-734	260	16	,	,	PUNCT
absel-734	260	17	volume	volume	NOUN
absel-734	260	18	30	30	NUM
absel-734	260	19	,	,	PUNCT
absel-734	260	20	2003	2003	NUM
absel-734	260	21	geske	geske	ADJ
absel-734	260	22	(	(	PUNCT
absel-734	260	23	1977	1977	NUM
absel-734	260	24	)	)	PUNCT
absel-734	260	25	“	"	PUNCT
absel-734	260	26	the	the	DET
absel-734	260	27	valuation	valuation	NOUN
absel-734	260	28	of	of	ADP
absel-734	260	29	corporate	corporate	ADJ
absel-734	260	30	liabilities	liability	NOUN
absel-734	260	31	as	as	ADP
absel-734	260	32	compound	compound	NOUN
absel-734	260	33	options	option	NOUN
absel-734	260	34	.	.	PUNCT
absel-734	260	35	”	"	PUNCT
absel-734	260	36	journal	journal	NOUN
absel-734	260	37	of	of	ADP
absel-734	260	38	financial	financial	ADJ
absel-734	260	39	and	and	CCONJ
absel-734	260	40	quantitative	quantitative	ADJ
absel-734	260	41	analysis	analysis	NOUN
absel-734	260	42	,	,	PUNCT
absel-734	260	43	nov	nov	PROPN
absel-734	260	44	.	.	PROPN
absel-734	260	45	,	,	PUNCT
absel-734	260	46	541	541	NUM
absel-734	260	47	-	-	SYM
absel-734	260	48	552	552	NUM
absel-734	260	49	.	.	PUNCT
absel-734	261	1	volatility	volatility	NOUN
absel-734	261	2	are	be	AUX
absel-734	261	3	important	important	ADJ
absel-734	261	4	factors	factor	NOUN
absel-734	261	5	determining	determine	VERB
absel-734	261	6	the	the	DET
absel-734	261	7	default	default	NOUN
absel-734	261	8	risk	risk	NOUN
absel-734	261	9	of	of	ADP
absel-734	261	10	the	the	DET
absel-734	261	11	firm	firm	NOUN
absel-734	261	12	.	.	PUNCT
absel-734	262	1	the	the	PRON
absel-734	262	2	higher	high	ADJ
absel-734	262	3	the	the	DET
absel-734	262	4	firm	firm	NOUN
absel-734	262	5	’s	’s	PART
absel-734	262	6	leverage	leverage	NOUN
absel-734	262	7	or	or	CCONJ
absel-734	262	8	assets	asset	NOUN
absel-734	262	9	volatility	volatility	NOUN
absel-734	262	10	,	,	PUNCT
absel-734	262	11	the	the	PRON
absel-734	262	12	higher	high	ADJ
absel-734	262	13	the	the	DET
absel-734	262	14	default	default	NOUN
absel-734	262	15	risk	risk	NOUN
absel-734	262	16	.	.	PUNCT
absel-734	263	1	my	my	PRON
absel-734	263	2	results	result	NOUN
absel-734	263	3	are	be	AUX
absel-734	263	4	consistent	consistent	ADJ
absel-734	263	5	with	with	ADP
absel-734	263	6	debt	debt	NOUN
absel-734	263	7	valuation	valuation	NOUN
absel-734	263	8	theories	theory	NOUN
absel-734	263	9	in	in	ADP
absel-734	263	10	that	that	SCONJ
absel-734	263	11	a	a	DET
absel-734	263	12	higher	high	ADJ
absel-734	263	13	fixed	fix	VERB
absel-734	263	14	coupon	coupon	NOUN
absel-734	263	15	rate	rate	NOUN
absel-734	263	16	or	or	CCONJ
absel-734	263	17	mark	mark	NOUN
absel-734	263	18	-	-	PUNCT
absel-734	263	19	up	up	NOUN
absel-734	263	20	over	over	ADP
absel-734	263	21	the	the	DET
absel-734	263	22	default	default	NOUN
absel-734	263	23	free	free	ADJ
absel-734	263	24	floating	float	VERB
absel-734	263	25	rate	rate	NOUN
absel-734	263	26	for	for	ADP
absel-734	263	27	default	default	NOUN
absel-734	263	28	risky	risky	ADJ
absel-734	263	29	fixed	fix	VERB
absel-734	263	30	rate	rate	NOUN
absel-734	263	31	bonds	bond	NOUN
absel-734	263	32	or	or	CCONJ
absel-734	263	33	floating	float	VERB
absel-734	263	34	rate	rate	NOUN
absel-734	263	35	notes	note	NOUN
absel-734	263	36	is	be	AUX
absel-734	263	37	required	require	VERB
absel-734	263	38	when	when	SCONJ
absel-734	263	39	default	default	NOUN
absel-734	263	40	risk	risk	NOUN
absel-734	263	41	becomes	become	VERB
absel-734	263	42	higher	high	ADJ
absel-734	263	43	.	.	PUNCT
absel-734	264	1	hull	hull	NOUN
absel-734	264	2	(	(	PUNCT
absel-734	264	3	2000	2000	NUM
absel-734	264	4	)	)	PUNCT
absel-734	264	5	options	option	NOUN
absel-734	264	6	,	,	PUNCT
absel-734	264	7	futures	future	NOUN
absel-734	264	8	and	and	CCONJ
absel-734	264	9	other	other	ADJ
absel-734	264	10	derivative	derivative	ADJ
absel-734	264	11	securities	security	NOUN
absel-734	264	12	.	.	PUNCT
absel-734	265	1	englewood	englewood	PROPN
absel-734	265	2	cliffs	cliffs	PROPN
absel-734	265	3	,	,	PUNCT
absel-734	265	4	nj	nj	PROPN
absel-734	265	5	:	:	PUNCT
absel-734	265	6	prentice	prentice	NOUN
absel-734	265	7	-	-	PUNCT
absel-734	265	8	hall	hall	NOUN
absel-734	265	9	.	.	PUNCT
absel-734	266	1	litzenberger	litzenberger	NOUN
absel-734	266	2	(	(	PUNCT
absel-734	266	3	1992	1992	NUM
absel-734	266	4	)	)	PUNCT
absel-734	266	5	“	"	PUNCT
absel-734	266	6	swaps	swap	NOUN
absel-734	266	7	:	:	PUNCT
absel-734	266	8	plain	plain	ADJ
absel-734	266	9	and	and	CCONJ
absel-734	266	10	fanciful	fanciful	ADJ
absel-734	266	11	.	.	PUNCT
absel-734	266	12	”	"	PUNCT
absel-734	266	13	journal	journal	NOUN
absel-734	266	14	of	of	ADP
absel-734	266	15	finance	finance	NOUN
absel-734	266	16	,	,	PUNCT
absel-734	266	17	47	47	NUM
absel-734	266	18	,	,	PUNCT
absel-734	266	19	831	831	NUM
absel-734	266	20	-	-	SYM
absel-734	266	21	850	850	NUM
absel-734	266	22	.	.	PUNCT
absel-734	267	1	loeys	loey	NOUN
absel-734	267	2	(	(	PUNCT
absel-734	267	3	1985	1985	NUM
absel-734	267	4	)	)	PUNCT
absel-734	267	5	“	"	PUNCT
absel-734	267	6	interest	interest	NOUN
absel-734	267	7	rate	rate	NOUN
absel-734	267	8	swaps	swap	NOUN
absel-734	267	9	:	:	PUNCT
absel-734	267	10	a	a	DET
absel-734	267	11	new	new	ADJ
absel-734	267	12	tool	tool	NOUN
absel-734	267	13	for	for	ADP
absel-734	267	14	managing	manage	VERB
absel-734	267	15	risk	risk	NOUN
absel-734	267	16	.	.	PUNCT
absel-734	267	17	”	"	PUNCT
absel-734	268	1	business	business	NOUN
absel-734	268	2	review	review	PROPN
absel-734	268	3	,	,	PUNCT
absel-734	268	4	federal	federal	PROPN
absel-734	268	5	reserve	reserve	PROPN
absel-734	268	6	bank	bank	PROPN
absel-734	268	7	of	of	ADP
absel-734	268	8	philadelphia	philadelphia	PROPN
absel-734	268	9	,	,	PUNCT
absel-734	268	10	may	may	PROPN
absel-734	268	11	/	/	SYM
absel-734	268	12	june	june	PROPN
absel-734	268	13	,	,	PUNCT
absel-734	268	14	17	17	NUM
absel-734	268	15	-	-	SYM
absel-734	268	16	25	25	NUM
absel-734	268	17	.	.	PUNCT
absel-734	269	1	secondly	secondly	ADV
absel-734	269	2	,	,	PUNCT
absel-734	269	3	i	i	PRON
absel-734	269	4	examine	examine	VERB
absel-734	269	5	whether	whether	SCONJ
absel-734	269	6	or	or	CCONJ
absel-734	269	7	not	not	PART
absel-734	269	8	quality	quality	NOUN
absel-734	269	9	spread	spread	NOUN
absel-734	269	10	differentials	differential	NOUN
absel-734	269	11	exist	exist	VERB
absel-734	269	12	between	between	ADP
absel-734	269	13	two	two	NUM
absel-734	269	14	firms	firm	NOUN
absel-734	269	15	with	with	ADP
absel-734	269	16	different	different	ADJ
absel-734	269	17	leverage	leverage	NOUN
absel-734	269	18	levels	level	NOUN
absel-734	269	19	or	or	CCONJ
absel-734	269	20	assets	asset	NOUN
absel-734	269	21	volatility	volatility	NOUN
absel-734	269	22	.	.	PUNCT
absel-734	270	1	tables	table	NOUN
absel-734	270	2	2	2	NUM
absel-734	270	3	to	to	PART
absel-734	270	4	4	4	NUM
absel-734	270	5	show	show	VERB
absel-734	270	6	the	the	DET
absel-734	270	7	values	value	NOUN
absel-734	270	8	of	of	ADP
absel-734	270	9	quality	quality	NOUN
absel-734	270	10	spread	spread	VERB
absel-734	270	11	differentials	differential	NOUN
absel-734	270	12	under	under	ADP
absel-734	270	13	three	three	NUM
absel-734	270	14	different	different	ADJ
absel-734	270	15	default	default	NOUN
absel-734	270	16	free	free	ADJ
absel-734	270	17	rate	rate	NOUN
absel-734	270	18	volatility	volatility	NOUN
absel-734	270	19	environments	environment	NOUN
absel-734	270	20	.	.	PUNCT
absel-734	271	1	i	i	PRON
absel-734	271	2	investigate	investigate	VERB
absel-734	271	3	if	if	SCONJ
absel-734	271	4	quality	quality	NOUN
absel-734	271	5	spread	spread	NOUN
absel-734	271	6	differentials	differential	NOUN
absel-734	271	7	exist	exist	VERB
absel-734	271	8	between	between	ADP
absel-734	271	9	the	the	DET
absel-734	271	10	following	follow	VERB
absel-734	271	11	different	different	ADJ
absel-734	271	12	groups	group	NOUN
absel-734	271	13	of	of	ADP
absel-734	271	14	firms	firm	NOUN
absel-734	271	15	:	:	PUNCT
absel-734	271	16	a	a	X
absel-734	271	17	)	)	PUNCT
absel-734	271	18	firms	firm	NOUN
absel-734	271	19	with	with	ADP
absel-734	271	20	same	same	ADJ
absel-734	271	21	assets	asset	NOUN
absel-734	271	22	volatility	volatility	NOUN
absel-734	271	23	,	,	PUNCT
absel-734	271	24	but	but	CCONJ
absel-734	271	25	different	different	ADJ
absel-734	271	26	leverage	leverage	NOUN
absel-734	271	27	;	;	PUNCT
absel-734	271	28	b	b	X
absel-734	271	29	)	)	PUNCT
absel-734	271	30	firms	firm	NOUN
absel-734	271	31	with	with	ADP
absel-734	271	32	same	same	ADJ
absel-734	271	33	leverage	leverage	NOUN
absel-734	271	34	,	,	PUNCT
absel-734	271	35	but	but	CCONJ
absel-734	271	36	different	different	ADJ
absel-734	271	37	assets	asset	NOUN
absel-734	271	38	volatility	volatility	NOUN
absel-734	271	39	;	;	PUNCT
absel-734	271	40	and	and	CCONJ
absel-734	271	41	c	c	X
absel-734	271	42	)	)	PUNCT
absel-734	271	43	firms	firm	NOUN
absel-734	271	44	with	with	ADP
absel-734	271	45	different	different	ADJ
absel-734	271	46	assets	asset	NOUN
absel-734	271	47	volatility	volatility	NOUN
absel-734	271	48	and	and	CCONJ
absel-734	271	49	different	different	ADJ
absel-734	271	50	leverage	leverage	NOUN
absel-734	271	51	levels	level	NOUN
absel-734	271	52	.	.	PUNCT
absel-734	272	1	the	the	DET
absel-734	272	2	results	result	NOUN
absel-734	272	3	given	give	VERB
absel-734	272	4	in	in	ADP
absel-734	272	5	tables	table	NOUN
absel-734	272	6	2	2	NUM
absel-734	272	7	to	to	PART
absel-734	272	8	4	4	NUM
absel-734	272	9	show	show	VERB
absel-734	272	10	that	that	SCONJ
absel-734	272	11	quality	quality	NOUN
absel-734	272	12	spread	spread	NOUN
absel-734	272	13	differentials	differential	NOUN
absel-734	272	14	are	be	AUX
absel-734	272	15	insignificant	insignificant	ADJ
absel-734	272	16	in	in	ADP
absel-734	272	17	an	an	DET
absel-734	272	18	environment	environment	NOUN
absel-734	272	19	with	with	ADP
absel-734	272	20	low	low	ADJ
absel-734	272	21	volatility	volatility	NOUN
absel-734	272	22	of	of	ADP
absel-734	272	23	the	the	DET
absel-734	272	24	default	default	NOUN
absel-734	272	25	free	free	ADJ
absel-734	272	26	rate	rate	NOUN
absel-734	272	27	whereas	whereas	SCONJ
absel-734	272	28	significant	significant	ADJ
absel-734	272	29	quality	quality	NOUN
absel-734	272	30	spread	spread	NOUN
absel-734	272	31	differentials	differential	NOUN
absel-734	272	32	are	be	AUX
absel-734	272	33	found	find	VERB
absel-734	272	34	in	in	ADP
absel-734	272	35	an	an	DET
absel-734	272	36	environment	environment	NOUN
absel-734	272	37	with	with	ADP
absel-734	272	38	high	high	ADJ
absel-734	272	39	volatility	volatility	NOUN
absel-734	272	40	of	of	ADP
absel-734	272	41	the	the	DET
absel-734	272	42	default	default	NOUN
absel-734	272	43	free	free	ADJ
absel-734	272	44	rate	rate	NOUN
absel-734	272	45	.	.	PUNCT
absel-734	273	1	in	in	ADP
absel-734	273	2	an	an	DET
absel-734	273	3	environment	environment	NOUN
absel-734	273	4	of	of	ADP
absel-734	273	5	high	high	ADJ
absel-734	273	6	interest	interest	NOUN
absel-734	273	7	rate	rate	NOUN
absel-734	273	8	volatility	volatility	NOUN
absel-734	273	9	,	,	PUNCT
absel-734	273	10	firms	firm	NOUN
absel-734	273	11	are	be	AUX
absel-734	273	12	more	more	ADV
absel-734	273	13	willing	willing	ADJ
absel-734	273	14	to	to	PART
absel-734	273	15	find	find	VERB
absel-734	273	16	ways	way	NOUN
absel-734	273	17	to	to	PART
absel-734	273	18	hedge	hedge	VERB
absel-734	273	19	against	against	ADP
absel-734	273	20	interest	interest	NOUN
absel-734	273	21	rate	rate	NOUN
absel-734	273	22	risk	risk	NOUN
absel-734	273	23	and	and	CCONJ
absel-734	273	24	the	the	DET
absel-734	273	25	existence	existence	NOUN
absel-734	273	26	of	of	ADP
absel-734	273	27	quality	quality	NOUN
absel-734	274	1	spread	spread	NOUN
absel-734	274	2	differentials	differential	NOUN
absel-734	274	3	provides	provide	VERB
absel-734	274	4	a	a	DET
absel-734	274	5	great	great	ADJ
absel-734	274	6	incentive	incentive	NOUN
absel-734	274	7	for	for	SCONJ
absel-734	274	8	firms	firm	NOUN
absel-734	274	9	to	to	PART
absel-734	274	10	choose	choose	VERB
absel-734	274	11	interest	interest	NOUN
absel-734	274	12	rate	rate	NOUN
absel-734	274	13	swaps	swap	NOUN
absel-734	274	14	amongst	amongst	ADP
absel-734	274	15	other	other	ADJ
absel-734	274	16	financial	financial	ADJ
absel-734	274	17	instruments	instrument	NOUN
absel-734	274	18	.	.	PUNCT
absel-734	275	1	the	the	DET
absel-734	275	2	results	result	NOUN
absel-734	275	3	given	give	VERB
absel-734	275	4	in	in	ADP
absel-734	275	5	table	table	NOUN
absel-734	275	6	4	4	NUM
absel-734	275	7	also	also	ADV
absel-734	275	8	show	show	VERB
absel-734	275	9	that	that	SCONJ
absel-734	275	10	quality	quality	NOUN
absel-734	275	11	spread	spread	NOUN
absel-734	275	12	differentials	differential	NOUN
absel-734	275	13	are	be	AUX
absel-734	275	14	more	more	ADV
absel-734	275	15	significant	significant	ADJ
absel-734	275	16	between	between	ADP
absel-734	275	17	firms	firm	NOUN
absel-734	275	18	in	in	ADP
absel-734	275	19	groups	group	NOUN
absel-734	275	20	a	a	PRON
absel-734	275	21	)	)	PUNCT
absel-734	275	22	and	and	CCONJ
absel-734	275	23	c	c	X
absel-734	275	24	)	)	PUNCT
absel-734	275	25	than	than	ADP
absel-734	275	26	in	in	ADP
absel-734	275	27	group	group	NOUN
absel-734	275	28	b	b	PROPN
absel-734	275	29	)	)	PUNCT
absel-734	275	30	.	.	PUNCT
absel-734	276	1	this	this	PRON
absel-734	276	2	is	be	AUX
absel-734	276	3	consistent	consistent	ADJ
absel-734	276	4	with	with	ADP
absel-734	276	5	the	the	DET
absel-734	276	6	results	result	NOUN
absel-734	276	7	shown	show	VERB
absel-734	276	8	in	in	ADP
absel-734	276	9	table	table	NOUN
absel-734	276	10	1	1	NUM
absel-734	276	11	in	in	SCONJ
absel-734	276	12	that	that	SCONJ
absel-734	276	13	the	the	DET
absel-734	276	14	impact	impact	NOUN
absel-734	276	15	of	of	ADP
absel-734	276	16	leverage	leverage	NOUN
absel-734	276	17	is	be	AUX
absel-734	276	18	higher	high	ADJ
absel-734	276	19	than	than	ADP
absel-734	276	20	that	that	PRON
absel-734	276	21	of	of	ADP
absel-734	276	22	assets	asset	NOUN
absel-734	276	23	volatility	volatility	NOUN
absel-734	276	24	on	on	ADP
absel-734	276	25	the	the	DET
absel-734	276	26	default	default	NOUN
absel-734	276	27	risk	risk	NOUN
absel-734	276	28	as	as	ADV
absel-734	276	29	well	well	ADV
absel-734	276	30	as	as	ADP
absel-734	276	31	the	the	DET
absel-734	276	32	quality	quality	NOUN
absel-734	276	33	spread	spread	VERB
absel-734	276	34	differentials	differential	NOUN
absel-734	276	35	between	between	ADP
absel-734	276	36	firms	firm	NOUN
absel-734	276	37	.	.	PUNCT
absel-734	277	1	longstaff	longstaff	PROPN
absel-734	277	2	&	&	CCONJ
absel-734	277	3	eduardo	eduardo	PROPN
absel-734	277	4	(	(	PUNCT
absel-734	277	5	1995	1995	NUM
absel-734	277	6	)	)	PUNCT
absel-734	277	7	“	"	PUNCT
absel-734	277	8	a	a	DET
absel-734	277	9	simple	simple	ADJ
absel-734	277	10	approach	approach	NOUN
absel-734	277	11	to	to	ADP
absel-734	277	12	valuing	value	VERB
absel-734	277	13	risky	risky	ADJ
absel-734	277	14	fixed	fix	VERB
absel-734	277	15	and	and	CCONJ
absel-734	277	16	floating	float	VERB
absel-734	277	17	rate	rate	NOUN
absel-734	277	18	debt	debt	NOUN
absel-734	277	19	.	.	PUNCT
absel-734	277	20	”	"	PUNCT
absel-734	277	21	journal	journal	NOUN
absel-734	277	22	of	of	ADP
absel-734	277	23	finance	finance	NOUN
absel-734	277	24	,	,	PUNCT
absel-734	277	25	50	50	NUM
absel-734	277	26	,	,	PUNCT
absel-734	277	27	789	789	NUM
absel-734	277	28	-	-	SYM
absel-734	277	29	819	819	NUM
absel-734	277	30	.	.	PUNCT
absel-734	277	31	merton	merton	PROPN
absel-734	277	32	(	(	PUNCT
absel-734	277	33	1973	1973	NUM
absel-734	277	34	)	)	PUNCT
absel-734	277	35	“	"	PUNCT
absel-734	277	36	theory	theory	NOUN
absel-734	277	37	of	of	ADP
absel-734	277	38	rational	rational	ADJ
absel-734	277	39	option	option	NOUN
absel-734	277	40	pricing	pricing	NOUN
absel-734	277	41	.	.	PUNCT
absel-734	277	42	”	"	PUNCT
absel-734	278	1	bell	bell	PROPN
absel-734	278	2	journal	journal	PROPN
absel-734	278	3	of	of	ADP
absel-734	278	4	economics	economic	NOUN
absel-734	278	5	and	and	CCONJ
absel-734	278	6	management	management	NOUN
absel-734	278	7	science	science	NOUN
absel-734	278	8	,	,	PUNCT
absel-734	278	9	4	4	NUM
absel-734	278	10	,	,	PUNCT
absel-734	278	11	141	141	NUM
absel-734	278	12	-	-	SYM
absel-734	278	13	183	183	NUM
absel-734	278	14	.	.	PUNCT
absel-734	279	1	merton	merton	PROPN
absel-734	279	2	(	(	PUNCT
absel-734	279	3	1974	1974	NUM
absel-734	279	4	)	)	PUNCT
absel-734	279	5	“	"	PUNCT
absel-734	279	6	on	on	ADP
absel-734	279	7	the	the	DET
absel-734	279	8	pricing	pricing	NOUN
absel-734	279	9	of	of	ADP
absel-734	279	10	corporate	corporate	ADJ
absel-734	279	11	debt	debt	NOUN
absel-734	279	12	:	:	PUNCT
absel-734	279	13	the	the	DET
absel-734	279	14	risk	risk	NOUN
absel-734	279	15	structure	structure	NOUN
absel-734	279	16	of	of	ADP
absel-734	279	17	interest	interest	NOUN
absel-734	279	18	rates	rate	NOUN
absel-734	279	19	.	.	PUNCT
absel-734	279	20	”	"	PUNCT
absel-734	279	21	journal	journal	NOUN
absel-734	279	22	of	of	ADP
absel-734	279	23	finance	finance	NOUN
absel-734	279	24	,	,	PUNCT
absel-734	279	25	29	29	NUM
absel-734	279	26	,	,	PUNCT
absel-734	279	27	449470	449470	NUM
absel-734	279	28	.	.	PUNCT
absel-734	280	1	ungar	ungar	NOUN
absel-734	280	2	(	(	PUNCT
absel-734	280	3	1996	1996	NUM
absel-734	280	4	)	)	PUNCT
absel-734	280	5	swap	swap	NOUN
absel-734	280	6	literacy	literacy	NOUN
absel-734	280	7	:	:	PUNCT
absel-734	280	8	a	a	DET
absel-734	280	9	comprehensible	comprehensible	ADJ
absel-734	280	10	guide	guide	NOUN
absel-734	280	11	.	.	PUNCT
absel-734	281	1	bloomberg	bloomberg	PROPN
absel-734	281	2	.	.	PUNCT
absel-734	282	1	titman	titman	PROPN
absel-734	282	2	(	(	PUNCT
absel-734	282	3	1992	1992	NUM
absel-734	282	4	)	)	PUNCT
absel-734	282	5	“	"	PUNCT
absel-734	282	6	interest	interest	NOUN
absel-734	282	7	rate	rate	NOUN
absel-734	282	8	swaps	swap	NOUN
absel-734	282	9	and	and	CCONJ
absel-734	282	10	corporate	corporate	ADJ
absel-734	282	11	financing	financing	NOUN
absel-734	282	12	choice	choice	NOUN
absel-734	282	13	.	.	PUNCT
absel-734	282	14	”	"	PUNCT
absel-734	283	1	journal	journal	NOUN
absel-734	283	2	of	of	ADP
absel-734	283	3	finance	finance	NOUN
absel-734	283	4	,	,	PUNCT
absel-734	283	5	47	47	NUM
absel-734	283	6	,	,	PUNCT
absel-734	283	7	1503	1503	NUM
absel-734	283	8	-	-	SYM
absel-734	283	9	1516	1516	NUM
absel-734	283	10	.	.	PUNCT
absel-734	284	1	wall	wall	NOUN
absel-734	284	2	(	(	PUNCT
absel-734	284	3	1989	1989	NUM
absel-734	284	4	)	)	PUNCT
absel-734	284	5	“	"	PUNCT
absel-734	284	6	interest	interest	NOUN
absel-734	284	7	rate	rate	NOUN
absel-734	284	8	swaps	swap	NOUN
absel-734	284	9	in	in	ADP
absel-734	284	10	an	an	DET
absel-734	284	11	agency	agency	NOUN
absel-734	284	12	theoretic	theoretic	NOUN
absel-734	284	13	model	model	NOUN
absel-734	284	14	with	with	ADP
absel-734	284	15	uncertain	uncertain	ADJ
absel-734	284	16	interest	interest	NOUN
absel-734	284	17	rates	rate	NOUN
absel-734	284	18	.	.	PUNCT
absel-734	284	19	”	"	PUNCT
absel-734	284	20	journal	journal	NOUN
absel-734	284	21	of	of	ADP
absel-734	284	22	banking	banking	NOUN
absel-734	284	23	and	and	CCONJ
absel-734	284	24	finance	finance	NOUN
absel-734	284	25	,	,	PUNCT
absel-734	284	26	13	13	NUM
absel-734	284	27	,	,	PUNCT
absel-734	284	28	261	261	NUM
absel-734	284	29	-	-	SYM
absel-734	284	30	270	270	NUM
absel-734	284	31	.	.	PUNCT
absel-734	285	1	wall	wall	PROPN
absel-734	285	2	&	&	CCONJ
absel-734	285	3	pringle	pringle	PROPN
absel-734	285	4	(	(	PUNCT
absel-734	285	5	1988	1988	NUM
absel-734	285	6	)	)	PUNCT
absel-734	285	7	“	"	PUNCT
absel-734	285	8	interest	interest	NOUN
absel-734	285	9	rate	rate	NOUN
absel-734	285	10	swaps	swap	NOUN
absel-734	285	11	:	:	PUNCT
absel-734	285	12	a	a	DET
absel-734	285	13	review	review	NOUN
absel-734	285	14	of	of	ADP
absel-734	285	15	the	the	DET
absel-734	285	16	issues	issue	NOUN
absel-734	285	17	.	.	PUNCT
absel-734	285	18	”	"	PUNCT
absel-734	286	1	economic	economic	ADJ
absel-734	286	2	review	review	NOUN
absel-734	286	3	,	,	PUNCT
absel-734	286	4	federal	federal	PROPN
absel-734	286	5	reserve	reserve	PROPN
absel-734	286	6	bank	bank	PROPN
absel-734	286	7	of	of	ADP
absel-734	286	8	atlanta	atlanta	PROPN
absel-734	286	9	,	,	PUNCT
absel-734	286	10	nov	nov	PROPN
absel-734	286	11	/	/	SYM
absel-734	286	12	dec	dec	PROPN
absel-734	286	13	,	,	PUNCT
absel-734	286	14	22	22	NUM
absel-734	286	15	-	-	SYM
absel-734	286	16	40	40	NUM
absel-734	286	17	.	.	PUNCT
absel-734	287	1	my	my	PRON
absel-734	287	2	valuation	valuation	NOUN
absel-734	287	3	model	model	NOUN
absel-734	287	4	on	on	ADP
absel-734	287	5	the	the	DET
absel-734	287	6	default	default	NOUN
absel-734	287	7	risky	risky	ADJ
absel-734	287	8	fixed	fix	VERB
absel-734	287	9	and	and	CCONJ
absel-734	287	10	floating	float	VERB
absel-734	287	11	borrowing	borrowing	NOUN
absel-734	287	12	rate	rate	NOUN
absel-734	287	13	sheds	shed	VERB
absel-734	287	14	light	light	NOUN
absel-734	287	15	on	on	ADP
absel-734	287	16	the	the	DET
absel-734	287	17	source	source	NOUN
absel-734	287	18	of	of	ADP
absel-734	287	19	quality	quality	NOUN
absel-734	287	20	spread	spread	VERB
absel-734	287	21	differentials	differential	NOUN
absel-734	287	22	.	.	PUNCT
absel-734	288	1	the	the	DET
absel-734	288	2	results	result	NOUN
absel-734	288	3	show	show	VERB
absel-734	288	4	that	that	SCONJ
absel-734	288	5	one	one	NUM
absel-734	288	6	of	of	ADP
absel-734	288	7	the	the	DET
absel-734	288	8	reasons	reason	NOUN
absel-734	288	9	quality	quality	NOUN
absel-734	288	10	spread	spread	NOUN
absel-734	288	11	differentials	differential	NOUN
absel-734	288	12	exist	exist	VERB
absel-734	288	13	is	be	AUX
absel-734	288	14	the	the	DET
absel-734	288	15	difference	difference	NOUN
absel-734	288	16	in	in	ADP
absel-734	288	17	leverage	leverage	NOUN
absel-734	288	18	or	or	CCONJ
absel-734	288	19	assets	asset	NOUN
absel-734	288	20	volatility	volatility	NOUN
absel-734	288	21	between	between	ADP
absel-734	288	22	two	two	NUM
absel-734	288	23	firms	firm	NOUN
absel-734	288	24	.	.	PUNCT
absel-734	289	1	the	the	DET
absel-734	289	2	results	result	NOUN
absel-734	289	3	in	in	ADP
absel-734	289	4	this	this	DET
absel-734	289	5	paper	paper	NOUN
absel-734	289	6	reinforce	reinforce	NOUN
absel-734	289	7	the	the	DET
absel-734	289	8	borrowing	borrowing	NOUN
absel-734	289	9	costs	cost	NOUN
absel-734	289	10	reduction	reduction	NOUN
absel-734	289	11	argument	argument	NOUN
absel-734	289	12	for	for	ADP
absel-734	289	13	the	the	DET
absel-734	289	14	development	development	NOUN
absel-734	289	15	of	of	ADP
absel-734	289	16	interest	interest	NOUN
absel-734	289	17	rate	rate	NOUN
absel-734	289	18	swaps	swap	NOUN
absel-734	289	19	by	by	ADP
absel-734	289	20	extending	extend	VERB
absel-734	289	21	the	the	DET
absel-734	289	22	analysis	analysis	NOUN
absel-734	289	23	to	to	ADP
absel-734	289	24	the	the	DET
absel-734	289	25	more	more	ADV
absel-734	289	26	practical	practical	ADJ
absel-734	289	27	situation	situation	NOUN
absel-734	289	28	in	in	ADP
absel-734	289	29	which	which	PRON
absel-734	289	30	the	the	DET
absel-734	289	31	default	default	NOUN
absel-734	289	32	free	free	ADJ
absel-734	289	33	interest	interest	NOUN
absel-734	289	34	rate	rate	NOUN
absel-734	289	35	is	be	AUX
absel-734	289	36	variable	variable	ADJ
absel-734	289	37	and	and	CCONJ
absel-734	289	38	the	the	DET
absel-734	289	39	firm	firm	NOUN
absel-734	289	40	’s	’s	PART
absel-734	289	41	debts	debt	NOUN
absel-734	289	42	are	be	AUX
absel-734	289	43	coupon	coupon	NOUN
absel-734	289	44	paying	pay	VERB
absel-734	289	45	.	.	PUNCT
absel-734	290	1	in	in	ADP
absel-734	290	2	addition	addition	NOUN
absel-734	290	3	,	,	PUNCT
absel-734	290	4	my	my	PRON
absel-734	290	5	model	model	NOUN
absel-734	290	6	can	can	AUX
absel-734	290	7	be	be	AUX
absel-734	290	8	extended	extend	VERB
absel-734	290	9	in	in	ADP
absel-734	290	10	a	a	DET
absel-734	290	11	variety	variety	NOUN
absel-734	290	12	of	of	ADP
absel-734	290	13	ways	way	NOUN
absel-734	290	14	.	.	PUNCT
absel-734	291	1	for	for	ADP
absel-734	291	2	instance	instance	NOUN
absel-734	291	3	,	,	PUNCT
absel-734	291	4	the	the	DET
absel-734	291	5	model	model	NOUN
absel-734	291	6	could	could	AUX
absel-734	291	7	take	take	VERB
absel-734	291	8	into	into	ADP
absel-734	291	9	account	account	NOUN
absel-734	291	10	the	the	DET
absel-734	291	11	different	different	ADJ
absel-734	291	12	interest	interest	NOUN
absel-734	291	13	rate	rate	NOUN
absel-734	291	14	processes	process	NOUN
absel-734	291	15	or	or	CCONJ
absel-734	291	16	the	the	DET
absel-734	291	17	influence	influence	NOUN
absel-734	291	18	of	of	ADP
absel-734	291	19	different	different	ADJ
absel-734	291	20	terms	term	NOUN
absel-734	291	21	of	of	ADP
absel-734	291	22	borrowing	borrowing	NOUN
absel-734	291	23	.	.	PUNCT
absel-734	292	1	such	such	ADJ
absel-734	292	2	extension	extension	NOUN
absel-734	292	3	would	would	AUX
absel-734	292	4	then	then	ADV
absel-734	292	5	provide	provide	VERB
absel-734	292	6	a	a	DET
absel-734	292	7	theoretical	theoretical	ADJ
absel-734	292	8	basis	basis	NOUN
absel-734	292	9	for	for	ADP
absel-734	292	10	empirical	empirical	ADJ
absel-734	292	11	studies	study	NOUN
absel-734	292	12	on	on	ADP
absel-734	292	13	the	the	DET
absel-734	292	14	behaviour	behaviour	NOUN
absel-734	292	15	of	of	ADP
absel-734	292	16	borrowing	borrowing	NOUN
absel-734	292	17	costs	cost	NOUN
absel-734	292	18	of	of	ADP
absel-734	292	19	default	default	NOUN
absel-734	292	20	risky	risky	ADJ
absel-734	292	21	firms	firm	NOUN
absel-734	292	22	and	and	CCONJ
absel-734	292	23	their	their	PRON
absel-734	292	24	interaction	interaction	NOUN
absel-734	292	25	with	with	ADP
absel-734	292	26	interest	interest	NOUN
absel-734	292	27	rate	rate	NOUN
absel-734	292	28	swaps	swap	NOUN
absel-734	292	29	.	.	PUNCT
absel-734	293	1	references	reference	NOUN
absel-734	293	2	bicksler	bicksler	PROPN
absel-734	293	3	&	&	CCONJ
absel-734	293	4	chen	chen	PROPN
absel-734	293	5	(	(	PUNCT
absel-734	293	6	1986	1986	NUM
absel-734	293	7	)	)	PUNCT
absel-734	293	8	“	"	PUNCT
absel-734	293	9	an	an	DET
absel-734	293	10	economic	economic	ADJ
absel-734	293	11	analysis	analysis	NOUN
absel-734	293	12	of	of	ADP
absel-734	293	13	interest	interest	NOUN
absel-734	293	14	rate	rate	NOUN
absel-734	293	15	swaps	swap	NOUN
absel-734	293	16	.	.	PUNCT
absel-734	293	17	”	"	PUNCT
absel-734	293	18	journal	journal	NOUN
absel-734	293	19	of	of	ADP
absel-734	293	20	finance	finance	NOUN
absel-734	293	21	,	,	PUNCT
absel-734	293	22	41	41	NUM
absel-734	293	23	,	,	PUNCT
absel-734	293	24	645	645	NUM
absel-734	293	25	-	-	SYM
absel-734	293	26	655	655	NUM
absel-734	293	27	.	.	PUNCT
absel-734	294	1	cox	cox	PROPN
absel-734	294	2	&	&	CCONJ
absel-734	294	3	ross	ross	PROPN
absel-734	294	4	(	(	PUNCT
absel-734	294	5	1976	1976	NUM
absel-734	294	6	)	)	PUNCT
absel-734	294	7	“	"	PUNCT
absel-734	294	8	the	the	DET
absel-734	294	9	valuation	valuation	NOUN
absel-734	294	10	of	of	ADP
absel-734	294	11	options	option	NOUN
absel-734	294	12	for	for	ADP
absel-734	294	13	alternative	alternative	ADJ
absel-734	294	14	stochastic	stochastic	ADJ
absel-734	294	15	processes	process	NOUN
absel-734	294	16	.	.	PUNCT
absel-734	294	17	”	"	PUNCT
absel-734	294	18	journal	journal	NOUN
absel-734	294	19	of	of	ADP
absel-734	294	20	financial	financial	ADJ
absel-734	294	21	economics	economic	NOUN
absel-734	294	22	,	,	PUNCT
absel-734	294	23	3	3	NUM
absel-734	294	24	,	,	PUNCT
absel-734	294	25	145	145	NUM
absel-734	294	26	-	-	SYM
absel-734	294	27	166	166	NUM
absel-734	294	28	.	.	PUNCT
absel-734	294	29	265	265	NUM
absel-734	294	30	developments	development	NOUN
absel-734	294	31	in	in	ADP
absel-734	294	32	business	business	NOUN
absel-734	294	33	simulation	simulation	NOUN
absel-734	294	34	and	and	CCONJ
absel-734	294	35	experiential	experiential	ADJ
absel-734	294	36	learning	learning	NOUN
absel-734	294	37	,	,	PUNCT
absel-734	294	38	volume	volume	NOUN
absel-734	294	39	30	30	NUM
absel-734	294	40	,	,	PUNCT
absel-734	294	41	2003	2003	NUM
absel-734	294	42	table	table	NOUN
absel-734	294	43	1	1	NUM
absel-734	294	44	representative	representative	ADJ
absel-734	294	45	values	value	NOUN
absel-734	294	46	of	of	ADP
absel-734	294	47	default	default	NOUN
absel-734	294	48	risky	risky	ADJ
absel-734	294	49	fixed	fix	VERB
absel-734	294	50	and	and	CCONJ
absel-734	294	51	floating	float	VERB
absel-734	294	52	rates	rate	NOUN
absel-734	294	53	for	for	ADP
absel-734	294	54	r	r	NOUN
absel-734	294	55	=	=	SYM
absel-734	294	56	3	3	NUM
absel-734	294	57	%	%	NOUN
absel-734	294	58	σb	σb	ADP
absel-734	294	59	=	=	NOUN
absel-734	294	60	3	3	NUM
absel-734	294	61	%	%	NOUN
absel-734	294	62	time	time	NOUN
absel-734	294	63	to	to	ADP
absel-734	294	64	maturity	maturity	NOUN
absel-734	294	65	t	t	NOUN
absel-734	294	66	=	=	SYM
absel-734	294	67	2	2	NUM
absel-734	294	68	d	d	X
absel-734	294	69	*	*	PUNCT
absel-734	294	70	σv	σv	NUM
absel-734	294	71	xf	xf	PROPN
absel-734	294	72	mk	mk	PROPN
absel-734	294	73	20	20	NUM
absel-734	294	74	20	20	NUM
absel-734	294	75	3.84	3.84	NUM
absel-734	294	76	0.03	0.03	NUM
absel-734	294	77	40	40	NUM
absel-734	294	78	“	"	PUNCT
absel-734	294	79	3.84	3.84	NUM
absel-734	294	80	0.04	0.04	NUM
absel-734	294	81	50	50	NUM
absel-734	294	82	“	"	PUNCT
absel-734	294	83	3.89	3.89	NUM
absel-734	294	84	0.08	0.08	NUM
absel-734	294	85	70	70	NUM
absel-734	294	86	“	"	PUNCT
absel-734	294	87	4.82	4.82	NUM
absel-734	294	88	0.96	0.96	NUM
absel-734	294	89	100	100	NUM
absel-734	294	90	“	"	PUNCT
absel-734	294	91	47	47	NUM
absel-734	294	92	50	50	NUM
absel-734	294	93	30	30	NUM
absel-734	294	94	10	10	NUM
absel-734	294	95	3.84	3.84	NUM
absel-734	294	96	0.03	0.03	NUM
absel-734	294	97	“	"	PUNCT
absel-734	294	98	20	20	NUM
absel-734	294	99	3.84	3.84	NUM
absel-734	294	100	0.03	0.03	NUM
absel-734	294	101	“	"	PUNCT
absel-734	294	102	30	30	NUM
absel-734	294	103	3.86	3.86	NUM
absel-734	294	104	0.06	0.06	NUM
absel-734	294	105	“	"	PUNCT
absel-734	294	106	50	50	NUM
absel-734	294	107	5.05	5.05	NUM
absel-734	294	108	1.23	1.23	NUM
absel-734	294	109	time	time	NOUN
absel-734	294	110	to	to	ADP
absel-734	294	111	maturity	maturity	NOUN
absel-734	294	112	t	t	NOUN
absel-734	294	113	=	=	SYM
absel-734	294	114	10	10	NUM
absel-734	294	115	20	20	NUM
absel-734	294	116	20	20	NUM
absel-734	294	117	3.52	3.52	NUM
absel-734	294	118	0.65	0.65	NUM
absel-734	294	119	40	40	NUM
absel-734	294	120	“	"	PUNCT
absel-734	294	121	3.78	3.78	NUM
absel-734	294	122	0.89	0.89	NUM
absel-734	294	123	50	50	NUM
absel-734	294	124	“	"	PUNCT
absel-734	294	125	4.08	4.08	NUM
absel-734	294	126	0.29	0.29	NUM
absel-734	294	127	70	70	NUM
absel-734	294	128	“	"	PUNCT
absel-734	294	129	5.30	5.30	NUM
absel-734	294	130	1.47	1.47	NUM
absel-734	294	131	100	100	NUM
absel-734	294	132	“	"	PUNCT
absel-734	294	133	16.07	16.07	NUM
absel-734	294	134	13.13	13.13	NUM
absel-734	294	135	30	30	NUM
absel-734	294	136	10	10	NUM
absel-734	294	137	3.51	3.51	NUM
absel-734	294	138	0.64	0.64	NUM
absel-734	294	139	“	"	PUNCT
absel-734	294	140	20	20	NUM
absel-734	294	141	3.60	3.60	NUM
absel-734	294	142	0.72	0.72	NUM
absel-734	294	143	“	"	PUNCT
absel-734	294	144	30	30	NUM
absel-734	294	145	4.24	4.24	NUM
absel-734	294	146	0.46	0.46	NUM
absel-734	294	147	“	"	PUNCT
absel-734	294	148	50	50	NUM
absel-734	294	149	7.66	7.66	NUM
absel-734	294	150	3.86	3.86	NUM
absel-734	294	151	*	*	PUNCT
absel-734	294	152	d	d	NOUN
absel-734	294	153	=	=	PUNCT
absel-734	294	154	debt	debt	NOUN
absel-734	294	155	/	/	SYM
absel-734	294	156	asset	asset	NOUN
absel-734	294	157	ratio	ratio	NOUN
absel-734	294	158	in	in	ADP
absel-734	294	159	%	%	NOUN
absel-734	294	160	266	266	NUM
absel-734	294	161	developments	development	NOUN
absel-734	294	162	in	in	ADP
absel-734	294	163	business	business	NOUN
absel-734	294	164	simulation	simulation	NOUN
absel-734	294	165	and	and	CCONJ
absel-734	294	166	experiential	experiential	ADJ
absel-734	294	167	learning	learning	NOUN
absel-734	294	168	,	,	PUNCT
absel-734	294	169	volume	volume	NOUN
absel-734	294	170	30	30	NUM
absel-734	294	171	,	,	PUNCT
absel-734	294	172	2003	2003	NUM
absel-734	294	173	table	table	NOUN
absel-734	294	174	2	2	NUM
absel-734	294	175	quality	quality	NOUN
absel-734	294	176	spread	spread	NOUN
absel-734	294	177	differential	differential	NOUN
absel-734	294	178	between	between	ADP
absel-734	294	179	default	default	NOUN
absel-734	294	180	risky	risky	ADJ
absel-734	294	181	firms	firm	NOUN
absel-734	294	182	under	under	ADP
absel-734	294	183	low	low	ADJ
absel-734	294	184	volatility	volatility	NOUN
absel-734	294	185	of	of	ADP
absel-734	294	186	default	default	NOUN
absel-734	294	187	free	free	ADJ
absel-734	294	188	rate	rate	NOUN
absel-734	294	189	for	for	ADP
absel-734	294	190	r	r	NOUN
absel-734	294	191	=	=	SYM
absel-734	294	192	3	3	NUM
absel-734	294	193	%	%	NOUN
absel-734	294	194	σb	σb	ADP
absel-734	294	195	=	=	NOUN
absel-734	294	196	1	1	NUM
absel-734	294	197	%	%	NOUN
absel-734	294	198	time	time	NOUN
absel-734	294	199	to	to	ADP
absel-734	294	200	maturity	maturity	NOUN
absel-734	294	201	=	=	SYM
absel-734	294	202	2	2	NUM
absel-734	294	203	firm	firm	NOUN
absel-734	295	1	d	d	NOUN
absel-734	295	2	σv	σv	PROPN
absel-734	295	3	xf	xf	PROPN
absel-734	295	4	mk	mk	PROPN
absel-734	295	5	1	1	NUM
absel-734	295	6	20	20	NUM
absel-734	295	7	20	20	NUM
absel-734	295	8	3.99	3.99	NUM
absel-734	295	9	0.09	0.09	NUM
absel-734	295	10	2	2	NUM
absel-734	295	11	50	50	NUM
absel-734	295	12	“	"	PUNCT
absel-734	295	13	4.03	4.03	NUM
absel-734	295	14	0.14	0.14	NUM
absel-734	295	15	3	3	NUM
absel-734	295	16	70	70	NUM
absel-734	295	17	“	"	PUNCT
absel-734	295	18	4.93	4.93	NUM
absel-734	295	19	1.03	1.03	NUM
absel-734	295	20	4	4	NUM
absel-734	295	21	30	30	NUM
absel-734	295	22	10	10	NUM
absel-734	295	23	3.99	3.99	NUM
absel-734	295	24	0.09	0.09	NUM
absel-734	295	25	5	5	NUM
absel-734	295	26	“	"	PUNCT
absel-734	295	27	20	20	NUM
absel-734	295	28	3.99	3.99	NUM
absel-734	295	29	0.15	0.15	NUM
absel-734	295	30	6	6	NUM
absel-734	295	31	“	"	PUNCT
absel-734	295	32	50	50	NUM
absel-734	295	33	5.19	5.19	NUM
absel-734	295	34	1.29	1.29	NUM
absel-734	295	35	time	time	NOUN
absel-734	295	36	to	to	ADP
absel-734	295	37	maturity	maturity	NOUN
absel-734	295	38	=	=	SYM
absel-734	295	39	10	10	NUM
absel-734	295	40	1	1	NUM
absel-734	295	41	20	20	NUM
absel-734	295	42	20	20	NUM
absel-734	295	43	3.96	3.96	NUM
absel-734	295	44	0.08	0.08	NUM
absel-734	295	45	2	2	NUM
absel-734	295	46	50	50	NUM
absel-734	295	47	“	"	PUNCT
absel-734	295	48	4.54	4.54	NUM
absel-734	295	49	0.65	0.65	NUM
absel-734	295	50	3	3	NUM
absel-734	295	51	70	70	NUM
absel-734	295	52	“	"	PUNCT
absel-734	295	53	5.83	5.83	NUM
absel-734	295	54	1.94	1.94	NUM
absel-734	295	55	4	4	NUM
absel-734	295	56	30	30	NUM
absel-734	295	57	10	10	NUM
absel-734	295	58	3.95	3.95	NUM
absel-734	295	59	0.07	0.07	NUM
absel-734	295	60	5	5	NUM
absel-734	295	61	“	"	PUNCT
absel-734	295	62	20	20	NUM
absel-734	295	63	4.04	4.04	NUM
absel-734	295	64	0.15	0.15	NUM
absel-734	295	65	6	6	NUM
absel-734	295	66	“	"	PUNCT
absel-734	295	67	50	50	NUM
absel-734	295	68	8.11	8.11	NUM
absel-734	295	69	4.23	4.23	NUM
absel-734	295	70	qsd	qsd	NOUN
absel-734	295	71	between	between	ADP
absel-734	295	72	firms	firm	NOUN
absel-734	295	73	(	(	PUNCT
absel-734	295	74	in	in	ADP
absel-734	295	75	basis	basis	NOUN
absel-734	295	76	points	point	NOUN
absel-734	295	77	,	,	PUNCT
absel-734	295	78	bp	bp	PROPN
absel-734	295	79	)	)	PUNCT
absel-734	295	80	a	a	DET
absel-734	295	81	)	)	PUNCT
absel-734	295	82	firms	firm	NOUN
absel-734	295	83	with	with	ADP
absel-734	295	84	same	same	ADJ
absel-734	295	85	assets	asset	NOUN
absel-734	295	86	volatility	volatility	NOUN
absel-734	295	87	but	but	CCONJ
absel-734	295	88	different	different	ADJ
absel-734	295	89	leverage	leverage	NOUN
absel-734	295	90	t	t	NOUN
absel-734	295	91	=	=	SYM
absel-734	295	92	2	2	NUM
absel-734	295	93	t	t	NOUN
absel-734	295	94	=	=	SYM
absel-734	295	95	10	10	NUM
absel-734	295	96	firm	firm	NOUN
absel-734	295	97	1	1	NUM
absel-734	295	98	vs	vs	ADP
absel-734	295	99	firm	firm	ADJ
absel-734	295	100	2	2	NUM
absel-734	295	101	-1	-1	SYM
absel-734	295	102	1	1	NUM
absel-734	295	103	firm	firm	NOUN
absel-734	295	104	1	1	NUM
absel-734	295	105	vs	vs	ADP
absel-734	295	106	firm	firm	ADJ
absel-734	295	107	3	3	NUM
absel-734	295	108	0	0	SYM
absel-734	295	109	1	1	NUM
absel-734	295	110	firm	firm	NOUN
absel-734	295	111	2	2	NUM
absel-734	295	112	vs	vs	ADP
absel-734	295	113	firm	firm	ADJ
absel-734	295	114	3	3	NUM
absel-734	295	115	-1	-1	SYM
absel-734	295	116	0	0	NUM
absel-734	295	117	b	b	X
absel-734	295	118	)	)	PUNCT
absel-734	295	119	firms	firm	NOUN
absel-734	295	120	with	with	ADP
absel-734	295	121	same	same	ADJ
absel-734	295	122	leverage	leverage	NOUN
absel-734	295	123	but	but	CCONJ
absel-734	295	124	different	different	ADJ
absel-734	295	125	assets	asset	NOUN
absel-734	295	126	volatility	volatility	NOUN
absel-734	295	127	firm	firm	NOUN
absel-734	295	128	4	4	NUM
absel-734	295	129	vs	vs	ADP
absel-734	295	130	firm	firm	ADJ
absel-734	295	131	5	5	NUM
absel-734	295	132	0	0	SYM
absel-734	295	133	1	1	NUM
absel-734	295	134	firm	firm	NOUN
absel-734	295	135	4	4	NUM
absel-734	295	136	vs	vs	ADP
absel-734	295	137	firm	firm	ADJ
absel-734	295	138	6	6	NUM
absel-734	295	139	0	0	NUM
absel-734	295	140	0	0	NUM
absel-734	295	141	firm	firm	NOUN
absel-734	295	142	5	5	NUM
absel-734	295	143	vs	vs	ADP
absel-734	295	144	firm	firm	ADJ
absel-734	295	145	6	6	NUM
absel-734	295	146	0	0	NUM
absel-734	295	147	0	0	NUM
absel-734	295	148	c	c	NOUN
absel-734	295	149	)	)	PUNCT
absel-734	295	150	firms	firm	NOUN
absel-734	295	151	with	with	ADP
absel-734	295	152	different	different	ADJ
absel-734	295	153	assets	asset	NOUN
absel-734	295	154	volatility	volatility	NOUN
absel-734	295	155	and	and	CCONJ
absel-734	295	156	different	different	ADJ
absel-734	295	157	leverage	leverage	NOUN
absel-734	295	158	firm	firm	NOUN
absel-734	295	159	1	1	NUM
absel-734	295	160	vs	vs	ADP
absel-734	295	161	firm	firm	ADJ
absel-734	295	162	6	6	NUM
absel-734	295	163	0	0	NUM
absel-734	295	164	0	0	NUM
absel-734	295	165	firm	firm	NOUN
absel-734	295	166	3	3	NUM
absel-734	295	167	vs	vs	ADP
absel-734	295	168	firm	firm	ADJ
absel-734	296	1	4	4	NUM
absel-734	296	2	0	0	NUM
absel-734	296	3	1	1	NUM
absel-734	296	4	267	267	NUM
absel-734	296	5	developments	development	NOUN
absel-734	296	6	in	in	ADP
absel-734	296	7	business	business	NOUN
absel-734	296	8	simulation	simulation	NOUN
absel-734	296	9	and	and	CCONJ
absel-734	296	10	experiential	experiential	ADJ
absel-734	296	11	learning	learning	NOUN
absel-734	296	12	,	,	PUNCT
absel-734	296	13	volume	volume	NOUN
absel-734	296	14	30	30	NUM
absel-734	296	15	,	,	PUNCT
absel-734	296	16	2003	2003	NUM
absel-734	296	17	table	table	NOUN
absel-734	296	18	3	3	NUM
absel-734	296	19	quality	quality	NOUN
absel-734	296	20	spread	spread	NOUN
absel-734	296	21	differential	differential	NOUN
absel-734	296	22	between	between	ADP
absel-734	296	23	default	default	NOUN
absel-734	296	24	risky	risky	ADJ
absel-734	296	25	firms	firm	NOUN
absel-734	296	26	under	under	ADP
absel-734	296	27	medium	medium	ADJ
absel-734	296	28	volatility	volatility	NOUN
absel-734	296	29	of	of	ADP
absel-734	296	30	default	default	NOUN
absel-734	296	31	free	free	ADJ
absel-734	296	32	rate	rate	NOUN
absel-734	296	33	for	for	ADP
absel-734	296	34	r	r	NOUN
absel-734	296	35	=	=	SYM
absel-734	296	36	3	3	NUM
absel-734	296	37	%	%	NOUN
absel-734	296	38	σb	σb	ADP
absel-734	296	39	=	=	NOUN
absel-734	296	40	3	3	NUM
absel-734	296	41	%	%	NOUN
absel-734	296	42	time	time	NOUN
absel-734	296	43	to	to	ADP
absel-734	296	44	maturity	maturity	NOUN
absel-734	296	45	=	=	SYM
absel-734	296	46	2	2	NUM
absel-734	296	47	firm	firm	NOUN
absel-734	296	48	d	d	NOUN
absel-734	296	49	σv	σv	PROPN
absel-734	296	50	xf	xf	PROPN
absel-734	296	51	mk	mk	PROPN
absel-734	296	52	1	1	NUM
absel-734	296	53	20	20	NUM
absel-734	296	54	20	20	NUM
absel-734	296	55	3.84	3.84	NUM
absel-734	296	56	0.03	0.03	NUM
absel-734	296	57	2	2	NUM
absel-734	296	58	50	50	NUM
absel-734	296	59	“	"	PUNCT
absel-734	296	60	3.89	3.89	NUM
absel-734	296	61	0.12	0.12	NUM
absel-734	296	62	3	3	NUM
absel-734	296	63	70	70	NUM
absel-734	296	64	“	"	PUNCT
absel-734	296	65	4.82	4.82	NUM
absel-734	296	66	0.96	0.96	NUM
absel-734	296	67	4	4	NUM
absel-734	296	68	30	30	NUM
absel-734	296	69	10	10	NUM
absel-734	296	70	3.84	3.84	NUM
absel-734	296	71	0.03	0.03	NUM
absel-734	296	72	5	5	NUM
absel-734	296	73	“	"	PUNCT
absel-734	296	74	20	20	NUM
absel-734	296	75	3.84	3.84	NUM
absel-734	296	76	0.17	0.17	NUM
absel-734	296	77	6	6	NUM
absel-734	296	78	“	"	PUNCT
absel-734	296	79	50	50	NUM
absel-734	296	80	5.05	5.05	NUM
absel-734	296	81	1.23	1.23	NUM
absel-734	296	82	time	time	NOUN
absel-734	296	83	to	to	ADP
absel-734	296	84	maturity	maturity	NOUN
absel-734	296	85	=	=	SYM
absel-734	296	86	10	10	NUM
absel-734	296	87	1	1	NUM
absel-734	296	88	20	20	NUM
absel-734	296	89	20	20	NUM
absel-734	296	90	3.52	3.52	NUM
absel-734	296	91	0.65	0.65	NUM
absel-734	296	92	2	2	NUM
absel-734	296	93	50	50	NUM
absel-734	296	94	“	"	PUNCT
absel-734	296	95	4.08	4.08	NUM
absel-734	296	96	0.29	0.29	NUM
absel-734	296	97	3	3	NUM
absel-734	296	98	70	70	NUM
absel-734	296	99	“	"	PUNCT
absel-734	296	100	5.30	5.30	NUM
absel-734	296	101	1.47	1.47	NUM
absel-734	296	102	4	4	NUM
absel-734	296	103	30	30	NUM
absel-734	296	104	10	10	NUM
absel-734	296	105	3.51	3.51	NUM
absel-734	296	106	0.64	0.64	NUM
absel-734	296	107	5	5	NUM
absel-734	296	108	“	"	PUNCT
absel-734	296	109	20	20	NUM
absel-734	296	110	3.60	3.60	NUM
absel-734	296	111	0.73	0.73	NUM
absel-734	296	112	6	6	NUM
absel-734	296	113	“	"	PUNCT
absel-734	296	114	50	50	NUM
absel-734	296	115	7.66	7.66	NUM
absel-734	296	116	3.86	3.86	NUM
absel-734	296	117	qsd	qsd	NOUN
absel-734	296	118	between	between	ADP
absel-734	296	119	firms	firm	NOUN
absel-734	296	120	(	(	PUNCT
absel-734	296	121	in	in	ADP
absel-734	296	122	basis	basis	NOUN
absel-734	296	123	points	point	NOUN
absel-734	296	124	,	,	PUNCT
absel-734	296	125	bp	bp	PROPN
absel-734	296	126	)	)	PUNCT
absel-734	296	127	a	a	DET
absel-734	296	128	)	)	PUNCT
absel-734	296	129	firms	firm	NOUN
absel-734	296	130	with	with	ADP
absel-734	296	131	same	same	ADJ
absel-734	296	132	assets	asset	NOUN
absel-734	296	133	volatility	volatility	NOUN
absel-734	296	134	but	but	CCONJ
absel-734	296	135	different	different	ADJ
absel-734	296	136	leverage	leverage	NOUN
absel-734	296	137	t	t	NOUN
absel-734	296	138	=	=	SYM
absel-734	296	139	2	2	NUM
absel-734	296	140	t	t	NOUN
absel-734	296	141	=	=	SYM
absel-734	296	142	10	10	NUM
absel-734	296	143	firm	firm	NOUN
absel-734	296	144	1	1	NUM
absel-734	296	145	vs	vs	ADP
absel-734	296	146	firm	firm	ADJ
absel-734	296	147	2	2	NUM
absel-734	296	148	0	0	NUM
absel-734	296	149	2	2	NUM
absel-734	296	150	firm	firm	NOUN
absel-734	296	151	1	1	NUM
absel-734	296	152	vs	vs	ADP
absel-734	296	153	firm	firm	ADJ
absel-734	296	154	3	3	NUM
absel-734	296	155	5	5	NUM
absel-734	296	156	6	6	NUM
absel-734	296	157	firm	firm	NOUN
absel-734	296	158	2	2	NUM
absel-734	296	159	vs	vs	ADP
absel-734	296	160	firm	firm	ADJ
absel-734	296	161	3	3	NUM
absel-734	296	162	5	5	NUM
absel-734	296	163	4	4	NUM
absel-734	296	164	b	b	NOUN
absel-734	296	165	)	)	PUNCT
absel-734	296	166	firms	firm	NOUN
absel-734	296	167	with	with	ADP
absel-734	296	168	same	same	ADJ
absel-734	296	169	leverage	leverage	NOUN
absel-734	296	170	but	but	CCONJ
absel-734	296	171	different	different	ADJ
absel-734	296	172	assets	asset	NOUN
absel-734	296	173	volatility	volatility	NOUN
absel-734	296	174	firm	firm	NOUN
absel-734	296	175	4	4	NUM
absel-734	296	176	vs	vs	ADP
absel-734	296	177	firm	firm	ADJ
absel-734	296	178	5	5	NUM
absel-734	296	179	0	0	SYM
absel-734	296	180	0	0	NUM
absel-734	296	181	firm	firm	NOUN
absel-734	296	182	4	4	NUM
absel-734	296	183	vs	vs	ADP
absel-734	296	184	firm	firm	ADJ
absel-734	296	185	6	6	NUM
absel-734	296	186	1	1	NUM
absel-734	296	187	3	3	NUM
absel-734	296	188	firm	firm	NOUN
absel-734	296	189	5	5	NUM
absel-734	296	190	vs	vs	ADP
absel-734	296	191	firm	firm	ADJ
absel-734	296	192	6	6	NUM
absel-734	296	193	1	1	NUM
absel-734	296	194	3	3	NUM
absel-734	296	195	c	c	NOUN
absel-734	296	196	)	)	PUNCT
absel-734	296	197	firms	firm	NOUN
absel-734	296	198	with	with	ADP
absel-734	296	199	different	different	ADJ
absel-734	296	200	assets	asset	NOUN
absel-734	296	201	volatility	volatility	NOUN
absel-734	296	202	and	and	CCONJ
absel-734	296	203	different	different	ADJ
absel-734	296	204	leverage	leverage	NOUN
absel-734	296	205	firm	firm	NOUN
absel-734	296	206	1	1	NUM
absel-734	296	207	vs	vs	ADP
absel-734	296	208	firm	firm	ADJ
absel-734	296	209	6	6	NUM
absel-734	296	210	1	1	NUM
absel-734	296	211	3	3	NUM
absel-734	296	212	firm	firm	NOUN
absel-734	296	213	3	3	NUM
absel-734	296	214	vs	vs	ADP
absel-734	296	215	firm	firm	ADJ
absel-734	296	216	4	4	NUM
absel-734	296	217	5	5	NUM
absel-734	296	218	6	6	NUM
absel-734	296	219	268	268	NUM
absel-734	296	220	developments	development	NOUN
absel-734	296	221	in	in	ADP
absel-734	296	222	business	business	NOUN
absel-734	296	223	simulation	simulation	NOUN
absel-734	296	224	and	and	CCONJ
absel-734	296	225	experiential	experiential	ADJ
absel-734	296	226	learning	learning	NOUN
absel-734	296	227	,	,	PUNCT
absel-734	296	228	volume	volume	NOUN
absel-734	296	229	30	30	NUM
absel-734	296	230	,	,	PUNCT
absel-734	296	231	2003	2003	NUM
absel-734	296	232	269	269	NUM
absel-734	296	233	table	table	NOUN
absel-734	296	234	4	4	NUM
absel-734	296	235	quality	quality	NOUN
absel-734	296	236	spread	spread	NOUN
absel-734	296	237	differential	differential	NOUN
absel-734	296	238	between	between	ADP
absel-734	296	239	default	default	NOUN
absel-734	296	240	risky	risky	ADJ
absel-734	296	241	firms	firm	NOUN
absel-734	296	242	under	under	ADP
absel-734	296	243	high	high	ADJ
absel-734	296	244	volatility	volatility	NOUN
absel-734	296	245	of	of	ADP
absel-734	296	246	default	default	NOUN
absel-734	296	247	free	free	ADJ
absel-734	296	248	rate	rate	NOUN
absel-734	296	249	for	for	ADP
absel-734	296	250	r	r	NOUN
absel-734	296	251	=	=	SYM
absel-734	296	252	3	3	NUM
absel-734	296	253	%	%	NOUN
absel-734	296	254	σb	σb	ADP
absel-734	296	255	=	=	SYM
absel-734	296	256	5	5	NUM
absel-734	296	257	%	%	NOUN
absel-734	296	258	time	time	NOUN
absel-734	296	259	to	to	ADP
absel-734	296	260	maturity	maturity	NOUN
absel-734	296	261	=	=	SYM
absel-734	296	262	2	2	NUM
absel-734	296	263	firm	firm	NOUN
absel-734	296	264	d	d	NOUN
absel-734	296	265	σv	σv	PROPN
absel-734	296	266	xf	xf	PROPN
absel-734	296	267	mk	mk	PROPN
absel-734	296	268	1	1	NUM
absel-734	296	269	20	20	NUM
absel-734	296	270	20	20	NUM
absel-734	296	271	3.53	3.53	NUM
absel-734	296	272	0.84	0.84	NUM
absel-734	296	273	2	2	NUM
absel-734	296	274	50	50	NUM
absel-734	296	275	“	"	PUNCT
absel-734	296	276	3.59	3.59	NUM
absel-734	296	277	0.89	0.89	NUM
absel-734	296	278	3	3	NUM
absel-734	296	279	70	70	NUM
absel-734	296	280	“	"	PUNCT
absel-734	296	281	4.57	4.57	NUM
absel-734	296	282	0.85	0.85	NUM
absel-734	296	283	4	4	NUM
absel-734	296	284	30	30	NUM
absel-734	296	285	10	10	NUM
absel-734	296	286	3.53	3.53	NUM
absel-734	296	287	0.84	0.84	NUM
absel-734	296	288	5	5	NUM
absel-734	296	289	“	"	PUNCT
absel-734	296	290	20	20	NUM
absel-734	296	291	3.53	3.53	NUM
absel-734	296	292	0.84	0.84	NUM
absel-734	296	293	6	6	NUM
absel-734	296	294	“	"	PUNCT
absel-734	296	295	50	50	NUM
absel-734	296	296	4.76	4.76	NUM
absel-734	296	297	1.13	1.13	NUM
absel-734	296	298	time	time	NOUN
absel-734	296	299	to	to	ADP
absel-734	296	300	maturity	maturity	NOUN
absel-734	296	301	=	=	SYM
absel-734	296	302	10	10	NUM
absel-734	296	303	1	1	NUM
absel-734	296	304	20	20	NUM
absel-734	296	305	20	20	NUM
absel-734	296	306	2.60	2.60	NUM
absel-734	296	307	0.87	0.87	NUM
absel-734	296	308	2	2	NUM
absel-734	296	309	50	50	NUM
absel-734	296	310	“	"	PUNCT
absel-734	296	311	3.12	3.12	NUM
absel-734	296	312	0.43	0.43	NUM
absel-734	296	313	3	3	NUM
absel-734	296	314	70	70	NUM
absel-734	296	315	“	"	PUNCT
absel-734	296	316	4.20	4.20	NUM
absel-734	296	317	0.51	0.51	NUM
absel-734	296	318	4	4	NUM
absel-734	296	319	30	30	NUM
absel-734	296	320	10	10	NUM
absel-734	296	321	2.58	2.58	NUM
absel-734	296	322	-0.94	-0.94	NUM
absel-734	296	323	5	5	NUM
absel-734	296	324	“	"	PUNCT
absel-734	296	325	20	20	NUM
absel-734	296	326	2.68	2.68	NUM
absel-734	296	327	-0.02	-0.02	NUM
absel-734	296	328	6	6	NUM
absel-734	296	329	“	"	PUNCT
absel-734	296	330	50	50	NUM
absel-734	296	331	6.72	6.72	NUM
absel-734	296	332	3.09	3.09	NUM
absel-734	296	333	qsd	qsd	NOUN
absel-734	296	334	between	between	ADP
absel-734	296	335	firms	firm	NOUN
absel-734	296	336	(	(	PUNCT
absel-734	296	337	in	in	ADP
absel-734	296	338	basis	basis	NOUN
absel-734	296	339	points	point	NOUN
absel-734	296	340	,	,	PUNCT
absel-734	296	341	bp	bp	PROPN
absel-734	296	342	)	)	PUNCT
absel-734	296	343	a	a	DET
absel-734	296	344	)	)	PUNCT
absel-734	296	345	firms	firm	NOUN
absel-734	296	346	with	with	ADP
absel-734	296	347	same	same	ADJ
absel-734	296	348	assets	asset	NOUN
absel-734	296	349	volatility	volatility	NOUN
absel-734	296	350	but	but	CCONJ
absel-734	296	351	different	different	ADJ
absel-734	296	352	leverage	leverage	NOUN
absel-734	296	353	t	t	NOUN
absel-734	296	354	=	=	SYM
absel-734	296	355	2	2	NUM
absel-734	296	356	t	t	NOUN
absel-734	296	357	=	=	SYM
absel-734	296	358	10	10	NUM
absel-734	296	359	firm	firm	NOUN
absel-734	296	360	1	1	NUM
absel-734	296	361	vs	vs	ADP
absel-734	296	362	firm	firm	ADJ
absel-734	296	363	2	2	NUM
absel-734	296	364	1	1	NUM
absel-734	296	365	6	6	NUM
absel-734	296	366	firm	firm	NOUN
absel-734	296	367	1	1	NUM
absel-734	296	368	vs	vs	ADP
absel-734	296	369	firm	firm	ADJ
absel-734	296	370	3	3	NUM
absel-734	296	371	13	13	NUM
absel-734	296	372	16	16	NUM
absel-734	296	373	firm	firm	NOUN
absel-734	296	374	2	2	NUM
absel-734	296	375	vs	vs	ADP
absel-734	296	376	firm	firm	ADJ
absel-734	296	377	3	3	NUM
absel-734	296	378	12	12	NUM
absel-734	296	379	10	10	NUM
absel-734	296	380	b	b	NOUN
absel-734	296	381	)	)	PUNCT
absel-734	296	382	firms	firm	NOUN
absel-734	296	383	with	with	ADP
absel-734	296	384	same	same	ADJ
absel-734	296	385	leverage	leverage	NOUN
absel-734	296	386	but	but	CCONJ
absel-734	296	387	different	different	ADJ
absel-734	296	388	assets	asset	NOUN
absel-734	296	389	volatility	volatility	NOUN
absel-734	296	390	firm	firm	NOUN
absel-734	296	391	4	4	NUM
absel-734	296	392	vs	vs	ADP
absel-734	296	393	firm	firm	ADJ
absel-734	296	394	5	5	NUM
absel-734	296	395	0	0	SYM
absel-734	296	396	2	2	NUM
absel-734	296	397	firm	firm	NOUN
absel-734	296	398	4	4	NUM
absel-734	296	399	vs	vs	ADP
absel-734	296	400	firm	firm	ADJ
absel-734	296	401	6	6	NUM
absel-734	296	402	4	4	NUM
absel-734	296	403	11	11	NUM
absel-734	296	404	firm	firm	NOUN
absel-734	296	405	5	5	NUM
absel-734	296	406	vs	vs	ADP
absel-734	296	407	firm	firm	ADJ
absel-734	296	408	6	6	NUM
absel-734	296	409	4	4	NUM
absel-734	296	410	9	9	NUM
absel-734	296	411	c	c	NOUN
absel-734	296	412	)	)	PUNCT
absel-734	296	413	firms	firm	NOUN
absel-734	296	414	with	with	ADP
absel-734	296	415	different	different	ADJ
absel-734	296	416	assets	asset	NOUN
absel-734	296	417	volatility	volatility	NOUN
absel-734	296	418	and	and	CCONJ
absel-734	296	419	different	different	ADJ
absel-734	296	420	leverage	leverage	NOUN
absel-734	296	421	firm	firm	NOUN
absel-734	296	422	1	1	NUM
absel-734	296	423	vs	vs	ADP
absel-734	296	424	firm	firm	ADJ
absel-734	296	425	6	6	NUM
absel-734	296	426	4	4	NUM
absel-734	296	427	10	10	NUM
absel-734	296	428	firm	firm	NOUN
absel-734	296	429	3	3	NUM
absel-734	296	430	vs	vs	ADP
absel-734	296	431	firm	firm	ADJ
absel-734	296	432	4	4	NUM
absel-734	296	433	13	13	NUM
absel-734	296	434	17	17	NUM
absel-734	296	435	table	table	NOUN
absel-734	296	436	of	of	ADP
absel-734	296	437	contents	content	NOUN
absel-734	296	438	volume	volume	NOUN
absel-734	296	439	30	30	NUM
absel-734	296	440	,	,	PUNCT
absel-734	296	441	2003	2003	NUM
absel-734	296	442	the	the	DET
absel-734	296	443	optimal	optimal	ADJ
absel-734	296	444	timing	timing	NOUN
absel-734	296	445	for	for	ADP
absel-734	296	446	introducing	introduce	VERB
absel-734	296	447	business	business	NOUN
absel-734	296	448	simulations	simulation	NOUN
absel-734	296	449	can	can	AUX
absel-734	296	450	handicapped	handicapped	VERB
absel-734	296	451	students	student	NOUN
absel-734	296	452	access	access	VERB
absel-734	296	453	your	your	PRON
absel-734	296	454	class	class	NOUN
absel-734	296	455	web	web	NOUN
absel-734	296	456	site	site	NOUN
absel-734	296	457	?	?	PUNCT
absel-734	297	1	the	the	DET
absel-734	297	2	competition	competition	NOUN
absel-734	297	3	game	game	NOUN
absel-734	297	4	:	:	PUNCT
absel-734	297	5	decision	decision	NOUN
absel-734	297	6	making	making	NOUN
absel-734	297	7	in	in	ADP
absel-734	297	8	a	a	DET
absel-734	297	9	dynamic	dynamic	ADJ
absel-734	297	10	environment	environment	NOUN
absel-734	297	11	pan	pan	ADJ
absel-734	297	12	-	-	ADJ
absel-734	297	13	pacific	pacific	ADJ
absel-734	297	14	enterprises	enterprise	NOUN
absel-734	297	15	:	:	PUNCT
absel-734	297	16	strategic	strategic	ADJ
absel-734	297	17	decision	decision	NOUN
absel-734	297	18	making	make	VERB
absel-734	297	19	simulation	simulation	NOUN
absel-734	297	20	study	study	NOUN
absel-734	297	21	of	of	ADP
absel-734	297	22	stochastic	stochastic	ADJ
absel-734	297	23	channel	channel	NOUN
absel-734	297	24	redistribution	redistribution	NOUN
absel-734	297	25	the	the	DET
absel-734	297	26	impact	impact	NOUN
absel-734	297	27	of	of	ADP
absel-734	297	28	business	business	NOUN
absel-734	297	29	war	war	NOUN
absel-734	297	30	games	game	NOUN
absel-734	297	31	:	:	PUNCT
absel-734	297	32	quantifying	quantify	VERB
absel-734	297	33	training	training	NOUN
absel-734	297	34	effectiveness	effectiveness	NOUN
absel-734	297	35	experiential	experiential	ADJ
absel-734	297	36	learning	learning	NOUN
absel-734	297	37	:	:	PUNCT
absel-734	297	38	introducing	introduce	VERB
absel-734	297	39	faculty	faculty	NOUN
absel-734	297	40	and	and	CCONJ
absel-734	297	41	staff	staff	NOUN
absel-734	297	42	to	to	ADP
absel-734	297	43	a	a	DET
absel-734	297	44	university	university	NOUN
absel-734	297	45	leadership	leadership	NOUN
absel-734	297	46	development	development	NOUN
absel-734	297	47	program	program	NOUN
absel-734	297	48	the	the	DET
absel-734	297	49	feasibility	feasibility	NOUN
absel-734	297	50	of	of	ADP
absel-734	297	51	the	the	DET
absel-734	297	52	balanced	balanced	ADJ
absel-734	297	53	scorecard	scorecard	NOUN
absel-734	297	54	for	for	ADP
absel-734	297	55	business	business	NOUN
absel-734	297	56	games	game	NOUN
absel-734	297	57	a	a	DET
absel-734	297	58	misuse	misuse	NOUN
absel-734	297	59	of	of	ADP
absel-734	297	60	pims	pims	PROPN
absel-734	297	61	for	for	ADP
absel-734	297	62	the	the	DET
absel-734	297	63	validation	validation	NOUN
absel-734	297	64	of	of	ADP
absel-734	297	65	marketing	marketing	NOUN
absel-734	297	66	management	management	NOUN
absel-734	297	67	simulation	simulation	NOUN
absel-734	297	68	games	game	NOUN
absel-734	297	69	incorporating	incorporate	VERB
absel-734	297	70	technology	technology	NOUN
absel-734	297	71	into	into	ADP
absel-734	297	72	the	the	DET
absel-734	297	73	21st	21st	ADJ
absel-734	297	74	century	century	NOUN
absel-734	297	75	classroom	classroom	NOUN
absel-734	297	76	:	:	PUNCT
absel-734	297	77	are	be	AUX
absel-734	297	78	we	we	PRON
absel-734	297	79	facilitating	facilitate	VERB
absel-734	297	80	academic	academic	ADJ
absel-734	297	81	dishonesty	dishonesty	NOUN
absel-734	297	82	?	?	PUNCT
absel-734	298	1	improving	improve	VERB
absel-734	298	2	the	the	DET
absel-734	298	3	effectiveness	effectiveness	NOUN
absel-734	298	4	of	of	ADP
absel-734	298	5	peer	peer	NOUN
absel-734	298	6	evaluations	evaluation	NOUN
absel-734	298	7	the	the	DET
absel-734	298	8	use	use	NOUN
absel-734	298	9	of	of	ADP
absel-734	298	10	a	a	DET
absel-734	298	11	simulation	simulation	NOUN
absel-734	298	12	in	in	ADP
absel-734	298	13	an	an	DET
absel-734	298	14	integrated	integrate	VERB
absel-734	298	15	mba	mba	NOUN
absel-734	298	16	curriculum	curriculum	NOUN
absel-734	298	17	student	student	NOUN
absel-734	298	18	portfolios	portfolio	NOUN
absel-734	298	19	in	in	ADP
absel-734	298	20	business	business	NOUN
absel-734	298	21	education	education	NOUN
absel-734	298	22	student	student	NOUN
absel-734	298	23	portfolios	portfolio	NOUN
absel-734	298	24	in	in	ADP
absel-734	298	25	business	business	NOUN
absel-734	298	26	education	education	NOUN
absel-734	298	27	at	at	ADP
absel-734	298	28	ashland	ashland	PROPN
absel-734	298	29	university	university	PROPN
absel-734	298	30	using	use	VERB
absel-734	298	31	sap	sap	PROPN
absel-734	298	32	erp	erp	PROPN
absel-734	298	33	technology	technology	PROPN
absel-734	298	34	to	to	PART
absel-734	298	35	integrate	integrate	VERB
absel-734	298	36	the	the	DET
absel-734	298	37	undergraduate	undergraduate	NOUN
absel-734	298	38	business	business	NOUN
absel-734	298	39	curriculum	curriculum	PROPN
absel-734	298	40	board	board	PROPN
absel-734	298	41	games	game	NOUN
absel-734	298	42	and	and	CCONJ
absel-734	298	43	teaching	teach	VERB
absel-734	298	44	textile	textile	NOUN
absel-734	298	45	marketing	marketing	NOUN
absel-734	298	46	and	and	CCONJ
absel-734	298	47	finance	finance	NOUN
absel-734	298	48	blogging	blogging	NOUN
absel-734	298	49	:	:	PUNCT
absel-734	298	50	a	a	DET
absel-734	298	51	new	new	ADJ
absel-734	298	52	threat	threat	NOUN
absel-734	298	53	to	to	PART
absel-734	298	54	student	student	NOUN
absel-734	298	55	research	research	NOUN
absel-734	298	56	?	?	PUNCT
absel-734	299	1	the	the	DET
absel-734	299	2	way	way	NOUN
absel-734	299	3	we	we	PRON
absel-734	299	4	talk	talk	VERB
absel-734	299	5	!	!	PUNCT
absel-734	300	1	take	take	VERB
absel-734	300	2	ii	ii	NUM
absel-734	300	3	strategic	strategic	ADJ
absel-734	300	4	management	management	NOUN
absel-734	300	5	:	:	PUNCT
absel-734	300	6	an	an	DET
absel-734	300	7	evaluation	evaluation	NOUN
absel-734	300	8	of	of	ADP
absel-734	300	9	the	the	DET
absel-734	300	10	use	use	NOUN
absel-734	300	11	of	of	ADP
absel-734	300	12	three	three	NUM
absel-734	300	13	learning	learn	VERB
absel-734	300	14	methods	method	NOUN
absel-734	300	15	in	in	ADP
absel-734	300	16	hong	hong	PROPN
absel-734	300	17	kong	kong	PROPN
absel-734	300	18	adoption	adoption	NOUN
absel-734	300	19	of	of	ADP
absel-734	300	20	discussion	discussion	NOUN
absel-734	300	21	-	-	PUNCT
absel-734	300	22	based	base	VERB
absel-734	300	23	teaching	teaching	NOUN
absel-734	300	24	and	and	CCONJ
absel-734	300	25	assessment	assessment	NOUN
absel-734	300	26	in	in	ADP
absel-734	300	27	teaching	teach	VERB
absel-734	300	28	strategic	strategic	ADJ
absel-734	300	29	management	management	NOUN
absel-734	300	30	in	in	ADP
absel-734	300	31	hong	hong	PROPN
absel-734	300	32	kong	kong	PROPN
absel-734	300	33	the	the	DET
absel-734	300	34	tobin	tobin	PROPN
absel-734	300	35	q	q	PROPN
absel-734	300	36	as	as	ADP
absel-734	300	37	a	a	DET
absel-734	300	38	company	company	NOUN
absel-734	300	39	performance	performance	NOUN
absel-734	300	40	indicator	indicator	NOUN
absel-734	300	41	using	use	VERB
absel-734	300	42	representative	representative	ADJ
absel-734	300	43	nominal	nominal	ADJ
absel-734	300	44	group	group	NOUN
absel-734	300	45	technique	technique	NOUN
absel-734	300	46	for	for	ADP
absel-734	300	47	course	course	NOUN
absel-734	300	48	review	review	NOUN
absel-734	300	49	and	and	CCONJ
absel-734	300	50	an	an	DET
absel-734	300	51	interactive	interactive	ADJ
absel-734	300	52	solicitation	solicitation	NOUN
absel-734	300	53	of	of	ADP
absel-734	300	54	ways	way	NOUN
absel-734	300	55	to	to	PART
absel-734	300	56	enhance	enhance	VERB
absel-734	300	57	absel	absel	NOUN
absel-734	300	58	's	's	PART
absel-734	300	59	image	image	NOUN
absel-734	300	60	making	make	VERB
absel-734	300	61	teaching	teaching	NOUN
absel-734	300	62	matter	matter	NOUN
absel-734	300	63	:	:	PUNCT
absel-734	300	64	the	the	DET
absel-734	300	65	art	art	NOUN
absel-734	300	66	and	and	CCONJ
absel-734	300	67	science	science	NOUN
absel-734	300	68	of	of	ADP
absel-734	300	69	teaching	teach	VERB
absel-734	300	70	business	business	NOUN
absel-734	300	71	communication	communication	NOUN
absel-734	300	72	beyond	beyond	ADP
absel-734	300	73	sex	sex	NOUN
absel-734	300	74	,	,	PUNCT
absel-734	300	75	age	age	NOUN
absel-734	300	76	,	,	PUNCT
absel-734	300	77	and	and	CCONJ
absel-734	300	78	race	race	NOUN
absel-734	300	79	:	:	PUNCT
absel-734	300	80	exploring	explore	VERB
absel-734	300	81	the	the	DET
absel-734	300	82	deeper	deep	ADJ
absel-734	300	83	contents	content	NOUN
absel-734	300	84	of	of	ADP
absel-734	300	85	diversity	diversity	NOUN
absel-734	300	86	teaching	teaching	NOUN
absel-734	300	87	&	&	CCONJ
absel-734	300	88	learning	learn	VERB
absel-734	300	89	the	the	DET
absel-734	300	90	facilitation	facilitation	NOUN
absel-734	300	91	process	process	NOUN
absel-734	300	92	a	a	DET
absel-734	300	93	brief	brief	NOUN
absel-734	300	94	on	on	ADP
absel-734	300	95	debriefing	debrief	VERB
absel-734	300	96	:	:	PUNCT
absel-734	300	97	what	what	PRON
absel-734	300	98	it	it	PRON
absel-734	300	99	is	be	AUX
absel-734	300	100	and	and	CCONJ
absel-734	300	101	what	what	PRON
absel-734	300	102	it	it	PRON
absel-734	300	103	is	be	AUX
absel-734	300	104	n't	not	PART
absel-734	300	105	changing	change	VERB
absel-734	300	106	perceptions	perception	NOUN
absel-734	300	107	of	of	ADP
absel-734	300	108	the	the	DET
absel-734	300	109	importance	importance	NOUN
absel-734	300	110	of	of	ADP
absel-734	300	111	leadership	leadership	NOUN
absel-734	300	112	:	:	PUNCT
absel-734	300	113	the	the	DET
absel-734	300	114	contribution	contribution	NOUN
absel-734	300	115	of	of	ADP
absel-734	300	116	individual	individual	ADJ
absel-734	300	117	spirit	spirit	NOUN
absel-734	300	118	harmonics	harmonic	NOUN
absel-734	300	119	in	in	ADP
absel-734	300	120	leadership	leadership	NOUN
absel-734	300	121	knowledge	knowledge	NOUN
absel-734	300	122	,	,	PUNCT
absel-734	300	123	skills	skill	NOUN
absel-734	300	124	and	and	CCONJ
absel-734	300	125	sustainable	sustainable	ADJ
absel-734	300	126	values	value	NOUN
absel-734	300	127	in	in	ADP
absel-734	300	128	learning	learn	VERB
absel-734	300	129	organizations	organization	NOUN
absel-734	300	130	:	:	PUNCT
absel-734	300	131	some	some	DET
absel-734	300	132	implications	implication	NOUN
absel-734	300	133	from	from	ADP
absel-734	300	134	the	the	DET
absel-734	300	135	multicultural	multicultural	ADJ
absel-734	300	136	virtual	virtual	ADJ
absel-734	300	137	classroom	classroom	NOUN
absel-734	300	138	challenges	challenge	NOUN
absel-734	300	139	of	of	ADP
absel-734	300	140	teaching	teach	VERB
absel-734	300	141	undergraduate	undergraduate	ADJ
absel-734	300	142	organizational	organizational	ADJ
absel-734	300	143	behavior	behavior	NOUN
absel-734	300	144	in	in	ADP
absel-734	300	145	a	a	DET
absel-734	300	146	nontraditional	nontraditional	ADJ
absel-734	300	147	time	time	NOUN
absel-734	300	148	format	format	NOUN
absel-734	300	149	interactive	interactive	ADJ
absel-734	300	150	online	online	ADJ
absel-734	300	151	positioning	positioning	NOUN
absel-734	300	152	with	with	ADP
absel-734	300	153	the	the	DET
absel-734	300	154	web	web	NOUN
absel-734	300	155	-	-	PUNCT
absel-734	300	156	based	base	VERB
absel-734	300	157	product	product	NOUN
absel-734	300	158	positioning	positioning	NOUN
absel-734	300	159	map	map	NOUN
absel-734	300	160	graphics	graphic	NOUN
absel-734	300	161	package	package	VERB
absel-734	300	162	the	the	DET
absel-734	300	163	longitudinal	longitudinal	ADJ
absel-734	300	164	effects	effect	NOUN
absel-734	300	165	of	of	ADP
absel-734	300	166	entrepreneurship	entrepreneurship	NOUN
absel-734	300	167	training	training	NOUN
absel-734	300	168	on	on	ADP
absel-734	300	169	risk	risk	NOUN
absel-734	300	170	tolerance	tolerance	NOUN
absel-734	300	171	:	:	PUNCT
absel-734	300	172	a	a	DET
absel-734	300	173	look	look	NOUN
absel-734	300	174	at	at	ADP
absel-734	300	175	similarities	similarity	NOUN
absel-734	300	176	and	and	CCONJ
absel-734	300	177	differences	difference	NOUN
absel-734	300	178	between	between	ADP
absel-734	300	179	male	male	ADJ
absel-734	300	180	and	and	CCONJ
absel-734	300	181	female	female	ADJ
absel-734	300	182	undergraduate	undergraduate	NOUN
absel-734	300	183	students	student	NOUN
absel-734	300	184	revisiting	revisit	VERB
absel-734	300	185	strategy	strategy	NOUN
absel-734	300	186	learning	learning	NOUN
absel-734	300	187	in	in	ADP
absel-734	300	188	a	a	DET
absel-734	300	189	total	total	ADJ
absel-734	300	190	enterprise	enterprise	NOUN
absel-734	300	191	simulation	simulation	NOUN
absel-734	300	192	what	what	PRON
absel-734	300	193	are	be	AUX
absel-734	300	194	simulations	simulation	NOUN
absel-734	300	195	for	for	ADP
absel-734	300	196	?	?	PUNCT
absel-734	300	197	:	:	PUNCT
absel-734	300	198	learning	learn	VERB
absel-734	300	199	objectives	objective	NOUN
absel-734	300	200	as	as	ADP
absel-734	300	201	a	a	DET
absel-734	300	202	simulation	simulation	NOUN
absel-734	300	203	selection	selection	NOUN
absel-734	300	204	device	device	NOUN
absel-734	300	205	gaming	gaming	NOUN
absel-734	300	206	agency	agency	NOUN
absel-734	300	207	markets	market	NOUN
absel-734	300	208	cooperate	cooperate	VERB
absel-734	300	209	for	for	ADP
absel-734	300	210	profits	profit	NOUN
absel-734	300	211	or	or	CCONJ
absel-734	300	212	compete	compete	VERB
absel-734	300	213	for	for	ADP
absel-734	300	214	market	market	NOUN
absel-734	300	215	?	?	PUNCT
absel-734	301	1	study	study	NOUN
absel-734	301	2	of	of	ADP
absel-734	301	3	oligopolistic	oligopolistic	ADJ
absel-734	301	4	pricing	pricing	NOUN
absel-734	301	5	with	with	ADP
absel-734	301	6	a	a	DET
absel-734	301	7	business	business	NOUN
absel-734	301	8	game	game	NOUN
absel-734	301	9	the	the	DET
absel-734	301	10	design	design	NOUN
absel-734	301	11	of	of	ADP
absel-734	301	12	a	a	DET
absel-734	301	13	business	business	NOUN
absel-734	301	14	simulation	simulation	NOUN
absel-734	301	15	using	use	VERB
absel-734	301	16	a	a	DET
absel-734	301	17	system	system	NOUN
absel-734	301	18	-	-	PUNCT
absel-734	301	19	dynamics	dynamic	NOUN
absel-734	301	20	-	-	PUNCT
absel-734	301	21	based	base	VERB
absel-734	301	22	approach	approach	NOUN
absel-734	301	23	modeling	model	VERB
absel-734	301	24	the	the	DET
absel-734	301	25	product	product	NOUN
absel-734	301	26	development	development	NOUN
absel-734	301	27	function	function	NOUN
absel-734	301	28	for	for	ADP
absel-734	301	29	an	an	DET
absel-734	301	30	entrepreneurial	entrepreneurial	ADJ
absel-734	301	31	firm	firm	ADJ
absel-734	301	32	simulation	simulation	NOUN
absel-734	301	33	performance	performance	NOUN
absel-734	301	34	and	and	CCONJ
absel-734	301	35	forecast	forecast	NOUN
absel-734	301	36	accuracy	accuracy	NOUN
absel-734	301	37	?	?	PUNCT
absel-734	302	1	is	be	AUX
absel-734	302	2	that	that	PRON
absel-734	302	3	all	all	PRON
absel-734	302	4	?	?	PUNCT
absel-734	303	1	business	business	NOUN
absel-734	303	2	manager	manager	NOUN
absel-734	303	3	identification	identification	NOUN
absel-734	303	4	of	of	ADP
absel-734	303	5	competitors	competitor	NOUN
absel-734	303	6	in	in	ADP
absel-734	303	7	real	real	ADJ
absel-734	303	8	world	world	NOUN
absel-734	303	9	and	and	CCONJ
absel-734	303	10	simulation	simulation	NOUN
absel-734	303	11	settings	setting	NOUN
absel-734	303	12	monte	monte	PROPN
absel-734	303	13	carlo	carlo	PROPN
absel-734	303	14	simulation	simulation	PROPN
absel-734	303	15	analysis	analysis	NOUN
absel-734	303	16	on	on	ADP
absel-734	303	17	the	the	DET
absel-734	303	18	costs	cost	NOUN
absel-734	303	19	reduction	reduction	NOUN
absel-734	303	20	argument	argument	NOUN
absel-734	303	21	of	of	ADP
absel-734	303	22	interest	interest	NOUN
absel-734	303	23	rate	rate	NOUN
absel-734	303	24	swaps	swap	NOUN
absel-734	303	25	ebiz	ebiz	NOUN
absel-734	303	26	game	game	NOUN
absel-734	303	27	:	:	PUNCT
absel-734	303	28	a	a	DET
absel-734	303	29	scalable	scalable	ADJ
absel-734	303	30	online	online	ADJ
absel-734	303	31	business	business	NOUN
absel-734	303	32	simulation	simulation	NOUN
absel-734	303	33	game	game	NOUN
absel-734	303	34	for	for	ADP
absel-734	303	35	entrepreneurship	entrepreneurship	NOUN
absel-734	303	36	training	train	VERB
absel-734	303	37	a	a	DET
absel-734	303	38	model	model	NOUN
absel-734	303	39	for	for	ADP
absel-734	303	40	online	online	ADJ
absel-734	303	41	education	education	NOUN
absel-734	303	42	delivery	delivery	NOUN
absel-734	303	43	and	and	CCONJ
absel-734	303	44	a	a	DET
absel-734	303	45	look	look	NOUN
absel-734	303	46	at	at	ADP
absel-734	303	47	online	online	ADJ
absel-734	303	48	delivery	delivery	NOUN
absel-734	303	49	effectiveness	effectiveness	NOUN
absel-734	303	50	incorporating	incorporate	VERB
absel-734	303	51	"	"	PUNCT
absel-734	303	52	company	company	NOUN
absel-734	303	53	reputation	reputation	NOUN
absel-734	303	54	"	"	PUNCT
absel-734	303	55	into	into	ADP
absel-734	303	56	total	total	ADJ
absel-734	303	57	enterprise	enterprise	NOUN
absel-734	303	58	simulations	simulation	NOUN
absel-734	303	59	the	the	DET
absel-734	303	60	genesis	genesis	NOUN
absel-734	303	61	and	and	CCONJ
absel-734	303	62	future	future	NOUN
absel-734	303	63	of	of	ADP
absel-734	303	64	the	the	DET
absel-734	303	65	absel	absel	ADJ
absel-734	303	66	"	"	PUNCT
absel-734	303	67	classicos	classicos	PROPN
absel-734	303	68	"	"	PUNCT
absel-734	303	69	initiative	initiative	NOUN